Estate Planning - Wills and Trust
Is there a charge for setting up a Trust and is the fee annual?
The fee for a Trust ranges and is dependent upon the analysis of assets that are to constitute your Trust and the administrative work to be done. Yes, there is an annual fee to be charged.
Is there an annual management fee for Wills?
A Will is a one-off payment. There is no annual Management Fee.
Why the need for a next of kin on official documents when they do not have access to any of your estates in your demise?
Next of Kin only means your contact person and does not afford the person any right to your property.
How does one go about setting up Education Trust?
The process is very easy. 1. Completion and execution of the Education Trust Formation Form 2. Submission of KYC documents to create the Trust. These include: Your Passport photograph, Means of Identification (Copy of your passport biodata page, ...
Will there be a charge to include more assets or are the charges paid once?
Yes, to include more assets or update your Estate Plan (Will & Trust) there would be an additional charge.
If you have a Will outside Nigeria, is it also effective in Nigeria? If not, how can it be effective in Nigeria?
A Will is a globally recognized document, so it would be recognized in Nigeria however it would need to be reregistered or resealed here in Nigeria.
What is the range of Will drafting fees available in Afrinvest?
Our Will drafting costs the sum of 60,000 for the Classic Will and 250,000 for the comprehensive Will.
How often should one update his Estate Plan?
Your Estate Plan can be updated as you acquire more assets, include more beneficiaries or where there is a significant change in your life.