Monday, August 4, 2014
Leo Okafor, General Counsel for the company UBA Capital Pic, recently spoke to Nigerians and stressed the importance of embracing trusts as instruments for wealth transfer. “Don’t just think you need to be rich before you begin an estate plan. An estate plan begins the very first day you start working and earning money.” Okafor continued to explain that before a trust is created, a number of things must happen on the part of the person who wants to set up the trust. Firstly, he said that there must be the intention to create the trust, stressing that everyone must plan ahead.
Most significantly, Okafor stated, “Estate planning, especially trusts enables you to distribute your wealth as you wish as nobody will fight over it. It gives you the opportunity to provide for your loved once and when somebody is old, the trust can also take care of him because it is also a personal retirement plan.” Okafor added, that when you are dead, you will know you are truly resting in peace.
See Obinna Chima, Experts Highlight Benefits of Setting Up Trusts, This Day Live, Aug. 4, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.