FBNQuest Trustees, a subsidiary of FBN Holdings is calling on the public to consider their changing circumstances and how this should guide prudent estate planning in 2023.
While the new year presents a range of new financial challenges, it said, it also presents changes to the personal circumstances of the investor that should inform the creation of review of an Estate Plan.
Speaking on TVC News breakfast programme ‘Your View’ in Lagos, the head, Private Trust at FBNQuest Trustees, Rotimi Obende, said, changes to the personal circumstances of an investor and the addition of assets to the Investor’s portfolio has implications for the Estate.
He said, 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, creating a plan for your children’s education or just adding 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 Rotimi Obende.
While discussing ‘Estate Planning tips to consider for the new year,’ Obende highlighted the range of solutions that investors can consider as they organise their financial goals for 2023.
Obende listed them to 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, Obende stressed, means that it avoids the mandatory 10 percent estate tax, which is payable on non-trust solutions.
In addition, considering the potential economic impact of an economic slowdown, FBNQuest Trustees said, the service is flexible and personalised, offering relief that enables the settlor to pause or reduce contributions, and to 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,” it pointed out
FBNQuest Trustees, a subsidiary of FBN Holdings, is the leading Trust service provider in Corporate Trust, Public Trust, Private Trust and Estate Planning solutions to clients, emphasising its fiduciary responsibilities.
