Thursday, 30 June 2016

Why Working Nigerians Need To Consider Will Service - Binta Max-Gbinije

Demand for will services in Africa has picked up in recent years, spurred largely by the emerging middle class on the continent which has tripled over the past 30 years to 355 million or more than 34% of the continent’s population.

To this end, Stanbic IBTC Trustees Limited has restated its commitment to help working Nigerians prepare a will that ensures that their assets are distributed to their beneficiaries according to their wishes when they pass on.

Chief Executive Officer of Stanbic IBTC Trustees Limited, Mrs Binta Max-Gbinije, during a press conference organised by the company in Lagos, urged workers to be prudent and to avoid subjecting their beneficiaries to the rigours of going through the process of obtaining letter of administration from the probate court to authenticate their identity.

Chief Executive Officer of Stanbic IBTC Trustees Limited, Mrs Binta Max-Gbinije
Mrs Max-Gbinije said trustees would ensure that families do not suffer while they are waiting for letters of administration which could take up to five years to process.

“We advise people to get a will because if you don’t have a will and you die intestate, your beneficiary will be required to get a letter of administration. Where a person dies intestate, the process takes up to between one and five years for your beneficiary to get paid. The processing of getting a will is far better than going through the rigours of getting letter of administration and many families suffer as a result of this”.

“We advise people to get a will. To get a will can take between three and six months and you will have a right of probate which goes to the National Pension Commission (PenCom). The Commission verifies that it is authentic, and instructs your PFA to pay on that basis. The beneficiary is then paid as it was stated in the will", she explained.

She said the Stanbic IBTC Trustees Will Service covers the balance in Retirement Savings Account (RSA) holders irrespective of their Pension Fund Administrator (PFA).

The Strategic Management expert added that there is also a comprehensive will, which covers the customer’s assets, including real estate, cash in bank, shares and private companies. She explained that Stanbic Trustees provides estate planning and administration services offered as a private trust service to high net-worth individuals and group of individuals who may appoint us as trustee or executor of their estates.

According to her, there is a difference between next of kin (NoK) and a beneficiary. She said a NoK only serves as a contact person while the beneficiary is the one who will enjoy whatever is stated in the will.

She said the company is also leveraging on its international parentage to offer trust services to foreign multinationals that require the services of a local based corporate trustee. Her words: "We focus on providing institutional trust and loan agency services as well as estate planning and inter-generational wealth transfer. Our institutional trust service handles trustee agency functions in relation to debt issues and syndicated lending transactions, acting as a representative of the bond/other debt holders and group of banks/financial institutions.”

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