Economy
Five Factors to Consider when Choosing the Right Estate Plan
By Rotimi Obende
The concept of Estate Planning dates to ancient civilizations, when people began to think about how their assets would be distributed after their death.
In ancient Egypt, for example, people would often create a Will, which was a legal document that outlined their wishes for the distribution of their property. They would also designate heirs who would inherit their wealth. This practice highlights the enduring importance of planning for the future.
Securing your future and those of your loved ones is of utmost importance, and you can achieve this by having an Estate Plan.
Knowing and choosing the right Estate Plan can be complicated, as you will need to consider peculiarities and other factors that are specific to you alone. Because of the complex nature of Estate Planning, you will need practical advice and an expert institution to guide you.
This article will explore the following five factors, offer practical examples, and provide valuable insights to assist you in effectively managing the Estate Planning process:
Define Your Goals and Objectives
To commence your Estate Planning process, it is important that you first define your goals and objectives. Think about your assets, consider how you want your wealth distributed, any philanthropic goals you may have, and other specific wishes you want fulfilled. For example, you may want to ensure that a portion of your Estate goes towards supporting education or healthcare initiatives. By clearly defining your goals, you can tailor your Estate Plan to reflect your values and intentions. Seeking assistance from Ruelas Andino Law can provide the expert guidance you need to navigate this process and ensure your plan aligns with your desires.
Seek Professional Advice
Estate Planning can be a complex process that involves legal and financial workings, which is why it is essential that you seek the guidance of an expert. There are a few estate planning institutions that can guide you and help you navigate the legal requirements and tax implications while ensuring that your Estate Plan complies with the current laws and regulations governing the jurisdiction where you reside. At FBNQuest Trustees, we are fortified with a team of experienced professionals that will ensure you choose the most suitable Estate Plan that speaks to your need. Our reliable advisors can assist you in making the right choices that safeguard your assets and ensure seamless transfer to your beneficiaries.
Determining the Right Instrument
With your intentions in mind, `professionals will provide tailor-made advice on the appropriate tools to adopt, which could either be Wills, Trusts, and Powers of Attorney. For instance, a Living Trust allows you to manage and distribute your assets during your lifetime for your benefit and that of your loved ones. Even in the event of incapacitation or death, the Trustee must still adhere to the terms outlined in the Trust Deed. A Will, on the other hand, outlines your wishes for asset distribution and guardianship. This, however, only takes effect upon your demise. Understanding these documents will enable you to make informed decisions about their inclusion in your Estate Plan.
Consider Family Dynamics
When planning your Estate, it is crucial to consider your family dynamics. Let’s explore a typical scenario: You have a family-owned business that you wish to pass on to your children. However, you have one child who is actively involved in the business while the other pursued a different career path. In this case, you may want to structure your Estate Plan to ensure a fair distribution of assets, acknowledging the dedication and involvement of the child in the business. One possible solution is to establish a Trust that appoints a child who is skilled and knowledgeable in the business as a director, while the other child takes on a less active role or no role at all. The Trustee can then distribute profits according to the terms of the Trust Deed. By addressing these unique family dynamics, you preserve family harmony and ensure a smooth transition of both the business and other assets.
Regular Review and Updates
It’s crucial to understand that Estate Planning requires continuous attention. As life situations, laws, and financial conditions change over time, it’s essential to regularly review and modify your estate plan. Births, deaths, marriages, divorces, or financial status changes may require adjustments to your plan. It’s important to keep your Estate Plan current and in line with your desires. Regular reviews are a great way to ensure everything stays up-to-date and accurate.
Choosing the right estate plan involves carefully evaluating family dynamics and asset protection goals to ensure future stability. Working with Fort Collins estate planning attorney Karen Brady allows individuals to craft a legally sound strategy that reflects their specific intentions while minimising potential tax burdens for heirs.
By defining your goals, seeking expert advice, considering family dynamics, and fostering open communication, you can create an Estate Plan that reflects your wishes and secures a legacy.
Rotimi Obende is the Head of Private Trust at FBNQuest Trustees
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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