Personal and Real Estate Law in Nigeria: How to Plan Your Estate and Avoid Family Disputes

Estate planning is the process of arranging and managing your personal and real estate affairs, such as your property, money, investments, and other assets, during your lifetime and after your death. Estate planning can help you achieve various goals, such as

– Protecting your assets and interests from creditors, taxes, and legal claims

– Providing for your loved ones and dependents according to your wishes and needs

– Appointing trusted persons to act on your behalf in case of incapacity or death

– Avoiding or minimizing family disputes and litigation over your estate

– Preserving your legacy and values for future generations

However, estate planning can also be challenging and complex, as it involves complying with various laws and regulations, and dealing with sensitive and emotional issues. Therefore, you need to be aware of the legal options and implications of estate planning, and take appropriate steps to plan your estate and avoid family disputes. This guide will provide you with some practical tips on how to plan your estate and avoid family disputes in Nigeria, and what to do if you encounter any legal issues.

Make a Valid Will

The first and most important step to plan your estate and avoid family disputes is to make a valid will. A will is a legal document that expresses your wishes and instructions on how your estate should be distributed and managed after your death. A will can help you:

– Choose your beneficiaries and determine their shares and entitlements

– Appoint an executor and a trustee to administer and manage your estate

– Appoint a guardian and a custodian to care for your minor children

– Make specific gifts or bequests to your family, friends, or charities

– Exclude or limit the rights of certain persons or relatives to inherit from your estate

– Provide for the payment of your debts, taxes, and expenses

To make a valid will in Nigeria, you need to:

– Be at least 18 years old and of sound mind

– Write your will by yourself or with the help of a professional lawyer

– Sign your will at the end in the presence of two or more witnesses, who must also sign in your presence and in the presence of each other

– Date your will and keep it in a safe and accessible place

– Review and update your will regularly to reflect any changes in your circumstances or wishes

Consider a Trust

The second step to plan your estate and avoid family disputes is to consider a trust. A trust is a legal arrangement where you transfer some or all of your assets to a trustee, who holds and manages them for the benefit of one or more beneficiaries, according to the terms and conditions of a trust deed. A trust can help you:

– Protect your assets and interests from creditors, taxes, and legal claims

– Provide for your loved ones and dependents according to your wishes and needs

– Control and supervise how your assets are used and distributed

– Avoid or minimize probate and inheritance issues

– Preserve your privacy and confidentiality

– Choose the type and purpose of your trust, such as a living trust, a testamentary trust, a revocable trust, an irrevocable trust, a discretionary trust, or a charitable trust

– Choose your trustee and your beneficiaries, and determine their rights and responsibilities

– Prepare and execute a trust deed, with the help of a professional lawyer, that outlines the terms and conditions of your trust

– Transfer your assets to your trustee, either during your lifetime or after your death

– Monitor and review your trust regularly to ensure that it is properly administered and managed