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Next of Kin

What exactly does Next of Kin mean?

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You most likely do not need to think about it anymore, you already know whose name to write every time you are required to name your Next of Kin. But have you ever thought about it? When you name a person Next of Kin, how much authority are you giving to that person, what should you expect of them, what are they empowered to do? What exactly does ‘Next of Kin’ mean? The term “Next of kin” refers to your nearest relation according to law, someone to be called upon in case of any eventuality. A next of kin can...
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Do I have to tell My husband?

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Hi Shade, My name is Gloria, I got married 5 years ago at 35. Before the wedding, I already built a house at Mowe, a block of  6 flats, and I have other undeveloped property that I didn’t tell my husband about(so as not to intimidate or repel him). My plan is to gift the property to my children as a start-up fund the moment they are done with university. Do I have to declare these assets to my husband? If anything happens to me along the line, how can I ensure my children get them? The property were bought...
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Ask Shade

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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...
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pass this to my children

Pass this to my children: an RSA Wills Story

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Pass this to my children! Like most fathers, I would like to leave a good inheritance to my children. Something that can give them a good start in life by which they can remember me long after I’m gone. Some fathers are affluent enough to buy their children houses and even replace such houses when the child is not satisfied. But I hardly have anything, save for this house we live in and another plot of land in the village. When my friend spoke about setting up a will, I laughed as I asked him what assets we have to...
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assets

Managing your assets and protecting your property

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While a Will is a good method of estate planning, a more effective method is to create a trust alongside a Will. Trusts are becoming an increasingly popular way of managing assets and protecting property. Private trusts are especially beneficial in planning one’s estate as it makes provisions for individuals as beneficiaries. A trust is a relationship that arises when one person (the Settlor), transfers property to another person (the Trustee) to hold that property for the benefit of himself or others (the Beneficiaries).  The legal instrument used for creating a trust is the Trust Deed. Although a Will may...
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will

When do I write my Will? Learn how

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There is no set or appropriate time to make a Will. Creating one has nothing to do with age (although most countries have put into place age restrictions on the making of Wills), wealth or state of health. Seemingly insignificant assets can be protected by Wills, trust or any other means of estate planning. A Will is an instrument by which a person makes provision for the disposition of his property after his death. The loss of a loved one is a hard ordeal for most and the last thing anyone would want to do at that point is to...
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Ensuring life does not throw us unpleasant surprises

Ensuring life does not throw us unpleasant surprises

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Ever been in a situation that seemed entirely impossible until it happened? I think most people have because life has a knack for being unpredictable. They say hindsight is 20/20; unfortunately hindsight or regret provides no opportunities to remedy decisions wrongfully made in the past. While we may not be able to accurately predict the future or change the past to favour the present we can put plans in place to ensure that life does not throw us unpleasant surprises and that we have little or no regrets if these surprises come our way. One way to achieve this is...
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