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.
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. The product offers numerous long-term benefits which assure beneficiaries of a brighter future through education and training as it will seek to ensure that the education of children is not truncated due to lack of financing, and make a reality the desire of parents or guardians to fulfill their dreams of giving their children or wards the kind of education they desire or that the children/wards deserve for a step in the right direction for a sound footing in life.
Through the service, parents have an opportunity to make contributions towards funding the education of their children–whether it is primary, secondary, tertiary or even post-graduate education.
Coming from Stanbic IBTC, which has a stated goal of serving the individual from cradle through generations to grave, the Stanbic IBTC Educational Trust was conceptualized in recognition of the strategic role education plays in laying a solid foundation for growing future leaders, stated Max-Gbinije, adding that education is essential for both individual accomplishment and socio-economic development.
As a member of the 153 year-old Standard Bank Group, Stanbic IBTC Trustees Limited (SITL) is a wholly owned subsidiary of Stanbic IBTC Holdings Plc and is part of a fiduciary team that has administered trusts for over 35 years. Max-Gbinije said Stanbic IBTC Trustees Limited therefore enjoys a vast pool of expertise, experience and resources to offer first-in-class services and is also able to leverage the intellectual capital and international experience of Standard Bank’s multi-jurisdictional fiduciary team.
Stanbic IBTC Holdings is a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 21 countries on the African continent. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.