Stanbic IBTC Trustees Ltd, a member of the Stanbic IBTC Holdings Plc., has impressed on Nigerians, the need to consider estate planning seriously to ensure peaceful and orderly transfer of assets.
Making this appeal was Chief Executive, Stanbic IBTC Trustees Limited, Binta Max-Gbinije. The Stanbic IBTC boss, she spoke during a media interactive session in Lagos, noted that estate planning is not targeted at only wealthy people, but something that everyone needs, regardless of their financial clout or how simple or complex their familial affairs may be.
“We are all familiar with the issues that often arise upon death, with members of the family pitched against one another. This is often resolved by the courts, sometimes after a prolonged litigation that would have been a drain on the time, energy and resources of everyone involved. This can be avoided with an estate plan which lets the individual decide how his or her assets are handled or distributed after their demise,” she stated.
Max-Gbinije identified options available to make provisions for loved ones to include writing a Will, instituting a Living Trust, and Gifting of assets (inter vivos), all of which facilitates orderly acquisition and transfer of assets.
She said Stanbic IBTC Trustees Limited has been organising and will continue to organize awareness forums through which the public and stakeholders will gain valuable insight on trusteeship services and how they can harness such services to their benefit.
The company, she said, has shareholders’ funds in excess of the statutory N300 million, and was incorporated six years ago to provide institutional trust and estate planning/administration services to facilitate inter-generational wealth transfer and protect the interest of parties/investors in a transaction.
The company has launched a number of products in furtherance of its mission to provide world-class trusteeship services in Nigeria. Among them is the Stanbic IBTC Educational Trust (SET), an educational trust product that assists parents and guardians to provide sound education for their children and wards.