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, Driver’s licence, Permanent Voter’s Card or National Identity card) and Current Utility bill (not more than 3 months old).
- iPassport photographs, Means of Identification (Copy of passport biodata page, Driver’s licence, Permanent Voter’s Card or National Identity card) and Current Utility bill of your beneficiaries. Birth Certificates would also be required for Minors.
3. Payment of the Trust Set-Up fees.
4. Drafting of the Education Trust Deed by the Trustee and execution of same by the Settlor and Trustee.
5. Transfer of Financial assets to the Trust.
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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.
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.
Minimum investment is N100,000 (One hundred thousand naira only).
The investment may not appear in your portfolio right away, as this depends on the efficiency of the CSCS. However, it usually takes no longer than a month to reflect.
Can I fill a different bank on the form aside from the one on my Afrinvestor account, and can I change my bank details for coupon payments?
Yes, you can update your details, but you'll need to follow specific procedures to ensure your information is accurate on the CSCS portal. For more information, please contact the brokerage team at brokerageteam@afrinvest.com.
Q: What is the minimum investment in T-bills with Afrinvest?
Minimum investment is N100,000 (One hundred thousand naira only).