Experts harp on the Need for Increased Awareness on Estate Planning at the Proshare #PFWebinar

Proshare

Thursday, July 15, 2021 / 06:00PM / Proshare Finance / Header Image Credit: Proshare


 Proshare Nigeria Pvt. Ltd.


On Wednesday, July 14, 2021, Proshare - a digital market intelligence and financial information hub focused on Sub-Saharan Africa hosted the first edition of its Personal Finance Webinar, following the release of the fourth (4th) report in its Personal Finance Series which commenced in 2019.

 

The Personal Finance Webinar (PFWebinar) was an avenue to address salient questions regarding Estate Planning, Wills and Trusts and the Role of the Individual, Trustees and Beneficiaries, as well as the processes involved before and after the death of such individual.

 

The event which was sponsored by Meristem and United Capital with support from WebTV Limited and Olisa Agbakoba Legal (OAL) had in attendance Mr. Teslim Shitta-bey, Chief Economist and Managing Editor, Proshare; Mr. Ibidolapo Olufade, Trust/Legal Officer at Meristem Trustees Limited, Mrs Yvonne Ezekiel, Managing Partner, OAL, Mr. Kolawole Olanipekun, Senior Associate at Stark Legal Solicitors and Mrs Grace Adejare-Ajuwon as speakers with Mr. Ottoabasi Abasiekong as the Moderator.

 

Speaking about the importance of the event, Mr. Teslim Shitta-bey, Chief Economist and Managing Editor, Proshare, explained that planning for death is as essential to living and it is necessary that mortality is adequately planned for. "Planning should not be done tomorrow as you should plan ahead for tomorrow, planning is for today" he noted.

 

He mentioned however that, despite the importance attached to planning, there are challenges with intergenerational transfer of wealth and assets globally which needs to be addressed.

 

In his presentation, Mr. Ibidapo Olufade speaking on Estate Planning facts, fear and fiction, asserted noted that "as the world becomes more Volatile, Uncertain, Complex and Ambiguous (VUCA) so is wealth management particularly the way assets/wealth are transferred, or broadly speaking estate planning." In addition, he stated that digitalisation, robotization artificial intelligence, and Tech in general have impacted how estates are to be planned. Amidst all these, new facts, fear and fiction have emerged thus the need to trenchantly discuss them.

 

According to him, estate planning involves the acts/processes which relate to arranging a person's wealth and assets in an orderly manner, such that they are properly guided on the most effective methods of transferring these assets. It also affords individuals (not the court) the opportunity to give what they own to persons of their choice, such that their legacy is preserved. Also, he noted that other estate planning transfer tools asides wills and trusts include Life Insurance, SPV and Nomination (Funds).

 

Before estate planning, Ibidolapo explained that transfer of wealth and assets can only take place when there has been an accumulation and preservation of assets. These processes further allow for transfer of assets through estate planning and legal planning.


The Legal Officer further mentioned that some of the fears that held people back from planning is the fear of cost and control as well as planning for death. He added that the mythical thoughts are such that planning is meant for rich people and young people do not need it. However, that facts are that as assets are acquired the plans in place can be revised.

 

He further elaborated on the facts, fears and fictions of estate planning adding that fears include the D word, Control, Cost and Family ties, while fiction include the assumption that Estate planning is only for the rich and young people don't need it, and the believe that if one dies your spouse automatically gets everything. He also discussed the pros and cons of Wills and Trusts.

 

Also, Mrs Yvonne Ezekiel emphasized the need to consult a lawyer to provide legal advice as some of the common mistakes made in writing a will is drafting a will without legal advice, improper execution and attestation of the will and not keeping the will at the probate registry. She added that a will should not include funeral wishes. She noted also that a will can be effective in an estate transfer and other legal proceedings after death as it ensures that loved ones are planned for.

 

In addition, Mr. Kolawole Olanipekun who contributed immensely to the production of the report titled "Planning for the After-life" (available for download here https://bit.ly/WillsandTrustReport) gave an in-depth overview of the report. Speaking on the roles of trustees for trusts, he mentioned that part of the roles is that trustees must ensure they properly gather the estate of the testator at least twelve (12) months within the testator's death, issue assets to beneficiaries and are expected to act in good fate.

 

All the panelists agreed that it is important to take action now and it is necessary to acquire the right knowledge and work with experts in other to ensure one achieves the best.

 

Other highlights of the webinar were the participation and deliberations around the polls shared on the understanding of wills and trust, the importance of experts and the probate registry as well as an insightful question and answer session. The Webinar which had in attendance participants across Nigeria and in the diaspora featured a giveaway of five (5) copies of the hard copy of the report worth N5,000 each, anchored by Mrs Grace Ajuwon, who lauded all sponsors, speakers, supporters, and participants present and called on the business community to support the drive towards increased financial literacy which Proshare continues to facilitate.

 

To Watch the FULL VIDEO of the Webinar, kindly click HERE

Proshare Nigeria Pvt. Ltd.

 

For feedbacks and enquiries, kindly contact Chinyere via chinyere.onyia@proshareng.com or call 0700PROSHARE.

 

Kindly share and stay connected with us on our platforms HERE


 Proshare Nigeria Pvt. Ltd.

 

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Proshare Nigeria Pvt. Ltd.



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