Ask Shade

By June 28, 2016Ask Shade

Hi Shade,

My name is Philia, I have two children. I earn a lot more than my husband does but I try to downplay my income because of his ego. Although we live in a rented apartment in Surulere, I have built two houses over the years, one at Amuwo Odofin, the other at Ikorodu. My children are currently seeking admission into universities and I would like them to school abroad. My husband says we can’t afford it but he doesn’t know about all the property and wealth I have saved up over the years and I still don’t want him to know because of his personality. Can I set up a fund for my kids’ education that will pay the fees directly without linking back to me? I want the best for my children but I also want to keep my home.

Answer:

Hi Philia,

I would recommend that you set you set up an inter-vivos Trust and gift all your assets to the Trust. Your children will be beneficiaries to this Trust and your appointed  Trustee will have the responsibility to ensure that appropriate investments are made, your children’s school fees are paid as and when due and allowances are given. They are protected both during your lifetime and following your demise.

With regards to your concerns about remaining anonymous, by nature, a trust is a confidential relationship and it is possible to achieve your objective using this structure.