OPTIONS OF ESTATE PLANNING IN NIGERIA 111

DEED OF GIFT

A gift can be defined as the voluntary transfer of a property to another individual, without making any payment for the property.

A Deed of Gift is a document created by the owner of a property (''Donor'') for the transfer of legal ownership of an asset to another person (''Donee'') without any purchases fees.

Unlike a Will which takes effect upon the death of the testator, a gift takes effect immediately, and physical possession can be taken by the donee.

The downside to this however is that the donor loses all claims to ownership of whatever has been gifted and may be unable to benefit from such gift in his/her lifetime.

A Deed of Gift is generally irrevocable.

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