Saturday, 9 July 2016

Stanbic IBTC Trustees harps on importance of estate planning among Nigerians

To minimize disputes arising from the failure to plan for certainties in life, especially death, Stanbic IBTC Trustees Ltd, a member of the Stanbic IBTC Holdings Plc., has appealed to Nigerians to see estate planning as imperative to peaceful and orderly transfer of assets.

Though people generally shy away from the issue of death, this certainty is a fundamental part of life that should be recognized and planned for, the company said.


L-R: Head, Estate Planning,  Stanbic IBTC Trustees Limited (SITL), Emi Agaba-Oloja; Chief Executive, SITL, Binta Max-Gbinije; Head, Marketing & Communications, Stanbic IBTC, Nkiru Olumide-Ojo; Manager, Wealth, Marketing & Communications, Stanbic IBTC, Dapo Martins; and Head, Institutional Trust & Loan Agency, Ese Nkadi; at a media interactive forum on the activities of SITL in Lagos on Tuesday June 28, 2016
Chief Executive, Stanbic IBTC Trustees Limited, Binta Max-Gbinije, speaking during a media interactive session in Lagos, noted that estate planning is not targeted at only wealthy people, but something that everyone needs, regardless of their financial clout or how simple or complex their familial affairs may be

“We are all familiar with the issues that often arise upon death, with members of the family pitched against one another.  This is often resolved by the courts, sometimes after a prolonged litigation that would have been a drain on the time, energy and resources of everyone involved. This can be avoided with an estate plan which lets the individual decide how his or her assets are handled or distributed after their demise,” she stated.

Max-Gbinije identified options available to make provisions for loved ones to include writing a Will, instituting a Living Trust, and Gifting of assets (inter vivos), all of which facilitates orderly acquisition and transfer of assets.

She said Stanbic IBTC Trustees Limited has been organizing and will continue to organize awareness forums through which the public and stakeholders will gain valuable insight on trusteeship services and how they can harness such services to their benefit. The company, she said, has shareholders’ funds in excess of the statutory N300 million, and was incorporated six years ago to provide institutional trust and estate planning/administration services to facilitate inter-generational wealth transfer and protect the interest of parties/investors in a transaction.

The company has launched a number of products in furtherance of its mission to provide world-class trusteeship services in Nigeria. Among them is the Stanbic IBTC Educational Trust (SET), an educational trust product that assists parents and guardians to provide sound education for their children and wards.

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