Obende Shares Estate Planning Tips to Consider For New Year

February 13, 2023
estate planning tips

The Head of Private Trust at FBNQuest Trustees, Mr Rotimi Obende, has shared some estate planning tips investors can consider in the new year.

While the new year presents a range of new financial challenges, it also presents changes to the personal circumstances of the investor that should inform the creation of a review of an estate plan.

Speaking on the TVC News breakfast show, Your View, Mr Obende advised the public to consider their changing circumstances in achieving prudent estate planning in 2023.

He explained that changes to the personal circumstances of an investor and the addition of assets to the Investor’s portfolio have implications for the Estate.

According to him, such changes could include marriage, parenting or the purchase of physical assets, adding that proper estate planning or the review of an existing plan could add efficiency to the investment process and ease the transfer of the benefits of an investment to a third party.

“A new year offers many opportunities to make advancements in your career and financial status. If you get married, create a plan for your children’s education or just add real estate or other assets to your investment portfolio, you should do so with your estate plan in mind.

This will ensure that you are being efficient, thereby reducing future costs to you or the ultimate beneficiary of your investments,” said Mr Obende.

While discussing Estate Planning tips to consider for the new year, Mr Obende highlighted the range of solutions that investors can consider as they organise their financial goals for 2023. They include the creation of an education trust as an effective way for parents to plan for the education of their children.

The FBNQuest Trustees Children Education Trust provides a long-term investment that builds over the years with the added benefit of an estate planning instrument that does not pass through probate, unlike other competing education solutions available. This means that it avoids the mandatory 10 per cent estate tax, which is payable on non-trust solutions.

In addition, considering the potential economic impact of an economic slowdown, the service is flexible and personalized, offering relief that enables the settlor to pause or reduce contributions and transfer the benefits of the trust to another beneficiary.

Some Children Education Trusts also come with the additional benefit of a Trust Protector who ensures that the Trust runs seamlessly in the event that the settlor becomes incapacitated or unable to perform his/her role.

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