OPTIONS OF ESTATE PLANNING IN NIGERIA 11

B. TRUST

A Trust is a legal contract/relationship where you (the Settlor) transfer assets to a legal entity, the Trust, which will be administered by a Trustee (such as FCMB Trustees or an individual) for the benefit of a beneficiary (which could be yourself or another person).

Trust are separate legal entities, like companies, whose purpose is to hold and manage assets for you or for the benefit of others.

A Trustee is a Person or institution that overseas and manages a Trust.

The Trustee stands in a fiduciary relationship with respect to the assets/Trust property which is held on behalf of another (others) called the beneficiary (or beneficiaries).

Interested in setting up and Estate Plan today? Send us an email at fcmbtrustees@fcmb.com