Category: Articles

When we hear about record-breaking achievements, our minds often wander to the fields of sports or entertainment. However, sometimes extraordinary accomplishments can be found in unexpected places, such as the culinary world. Nigerian Chef Hilda Baci recently made headlines by breaking the Guinness World Record for the longest cooking hours, spending an astonishing 100 consecutive hours cooking. While her achievement is undoubtedly impressive, it also serves as a powerful reminder of the importance of having an estate plan and a will in place.

Recognizing the Importance of Planning:

Just as Chef Hilda Baci meticulously planned her record-breaking cooking marathon, so too should we meticulously plan our estates. Estate planning involves organizing and managing our assets during our lifetime and ensuring their smooth transfer to our chosen beneficiaries after our passing. It is an essential process that provides peace of mind and security for ourselves and our loved ones.

Protecting Your Loved Ones:

Chef Baci’s determination and perseverance are qualities we should emulate when considering the well-being of our loved ones. By establishing a comprehensive estate plan and drafting a will, we can protect our family and ensure their financial stability. A will allows us to specify how our assets should be distributed and who will assume guardianship of our minor children, ensuring that our wishes are honored even after we are gone.

Preserving Your Legacy:

Just as Chef Hilda Baci’s remarkable feat will be remembered for years to come, an estate plan can help preserve and protect your personal legacy. Through estate planning, you can outline how your assets should be utilized, whether to support charitable causes, establish scholarships, or contribute to causes that are meaningful to you. By doing so, you can make a lasting impact on the world and leave behind a legacy that reflects your values.

Minimizing Conflicts and Taxes:

An estate plan and will can help minimize conflicts among family members by providing clear instructions and preventing ambiguity. By clearly articulating your intentions and wishes, you can reduce the chances of disputes arising over your assets. Additionally, a well-crafted estate plan can help minimize tax liabilities, ensuring that more of your hard-earned assets are preserved for your loved ones and the causes you care about.

Seeking Professional Guidance:

Just as Chef Hilda Baci honed her culinary skills through years of experience and sought guidance from experts in her field, it is crucial to consult with professionals when creating an estate plan. Estate planning attorneys and financial advisors can provide valuable insights and help navigate the complexities of the process. Their expertise will ensure that your estate plan is legally sound, tailored to your specific needs, and aligned with the applicable laws and regulations.

Final Note:

Chef Hilda Baci’s extraordinary accomplishment in the culinary world reminds us of the importance of preparation, determination, and setting goals. Similarly, when it comes to estate planning and will preparation, we must approach the task with the same level of dedication and foresight. By taking the time to plan our estates, we can safeguard our loved ones, preserve our legacy, and ensure that our wishes are fulfilled long after we are gone. Let Chef Hilda Baci’s record-breaking journey inspire us to embark on our own journey towards securing our financial future through estate planning and will preparation.

Ready to plan for your future?

Contact ARM Trustees today on www.arm.com.ng/trustees

Email: [email protected]

Choosing your next of kin is an important decision that requires careful consideration. Your next of kin is the person who will be responsible for making decisions about your medical care and other important matters if you are unable to do so yourself. This could happen in the event of a serious illness, injury, or even death. Here are some things to consider when choosing your next of kin.

Legal Considerations

In most cases, your next of kin will be your spouse or your closest blood relative. However, it is important to note that the laws regarding next of kin can vary depending on your location and personal circumstances. For example, if you are married but separated, your spouse may not be considered your next of kin. Additionally, if you have children from a previous marriage, they may have legal rights that could affect who is considered your next of kin. It is important to consult with a legal professional to ensure that you have a clear understanding of who is legally considered your next of kin.

Personal Considerations

While legal considerations are important, it is also important to choose a next of kin based on personal factors. You want to choose someone who you trust to make decisions that are in your best interest. This person should also be someone who is willing and able to take on the responsibilities of being your next of kin. For example, if you have a close friend who is more responsible and reliable than a family member, you may want to consider choosing them as your next of kin instead.

Communication

Once you have chosen your next of kin, it is important to communicate your wishes to them. Let them know that you have chosen them and explain what responsibilities they will have if the need arises. You may also want to consider creating a formal document, such as a living will or healthcare proxy, that outlines your wishes for medical care and other important decisions. This can help ensure that your next of kin understands your wishes and can make informed decisions on your behalf.

Review and Update

Your choice of next of kin may change over time as your personal circumstances change. For example, if you get divorced, you may want to choose a new next of kin. It is important to review and update your choice of next of kin periodically to ensure that it still reflects your wishes and circumstances.

In conclusion, choosing your next of kin is an important decision that requires careful consideration of legal, personal, and communication factors. By choosing a trusted and responsible individual, communicating your wishes, and periodically reviewing and updating your choice, you can ensure that your next of kin will be prepared to make important decisions on your behalf if the need arises.

What is estate planning?

Estate planning is the process of preparing and managing an individual’s assets in the event of their incapacitation or death. It involves creating a plan to distribute assets to beneficiaries, minimizing taxes and expenses, and ensuring that the individual’s wishes are carried out.

Why is estate planning important?

Estate planning is important because it allows an individual to make decisions about their assets while they are still alive and well. It ensures that their assets are distributed according to their wishes after their death and can help avoid family disputes and unnecessary taxes and expenses.

What is a trust?

A trust is a legal arrangement where a person (the trustee) holds and manages assets for the benefit of another person (the beneficiary). The trustee has a fiduciary duty to act in the best interest of the beneficiary.

What are the benefits of a trust?

Trusts can provide a number of benefits, including avoiding probate, minimizing estate taxes, protecting assets from creditors, and ensuring that assets are distributed according to the individual’s wishes.

What types of trusts are available?

There are many different types of trusts, including revocable trusts, irrevocable trusts, charitable trusts, special needs trusts, and more. The type of trust that is best for an individual depends on their specific circumstances and goals.

Do I need a trust if I have a will?

Having a will is important, but it may not be enough to fully address an individual’s estate planning needs. A trust can provide additional benefits that a will cannot, such as avoiding probate and minimizing taxes and expenses.

How do I choose a trustee?

Choosing a trustee is an important decision, as the trustee will be responsible for managing the assets in the trust. It is important to choose someone who is trustworthy, reliable, and capable of managing the assets according to the individual’s wishes.

What is a power of attorney?

A power of attorney is a legal document that gives someone else the authority to act on an individual’s behalf in legal and financial matters. This can be important in the event that the individual becomes incapacitated and unable to make decisions for themselves.

What is a living will?

A living will is a legal document that outlines an individual’s wishes regarding end-of-life medical treatment. It can provide guidance to family members and medical professionals in the event that the individual is unable to make decisions for themselves.

Do I need an attorney to create an estate plan or trust?

While it is possible to create an estate plan or trust without an attorney, it is generally recommended to seek the advice of an experienced attorney. An attorney can provide guidance on the best approach for an individual’s specific circumstances and help ensure that the estate plan or trust is legally sound.

A Will is one of the most important things everyone should have. Many people in our society don’t like talking about creating a Will because they do not like to think about their own mortality but having a Will can provide a number of important benefits while one is alive. In this article, we will look at some of the benefits of having a Will in place.

Control over the distribution of assets

One of the most important advantages of having a Will is that it gives you control over how your assets and property are distributed after your demise. Without a Will, your assets will be distributed according to the laws of your state and customary law, which may not align with your wishes.

Avoiding disputes among family members

Having a Will can also help prevent disputes among family members over who should receive certain assets. By clearly stating your wishes in a Will, you can help avoid misunderstandings and potential conflicts.

Protecting your children

If you have minor children, a Will can provide for their care in the event of your demise. You can name a guardian for your children and make arrangements for their care and financial support.

Saving time and money

Having a Will can also save your loved ones time and money by avoiding the need for probate court proceedings. Probate can be a lengthy and expensive process, but having a Will can help simplify the process and make it more efficient.

Ensuring charitable giving

If you have charitable intentions, a Will can ensure that your assets are distributed to the charities of your choice. This can help ensure that your legacy includes support for causes that are important to you.

Ensuring privacy

A Will can help ensure privacy in the distribution of your assets. Probate court proceedings are public record but having a Will can help keep the details of your estate distribution private.

Providing for pets

Finally, If you have pets, a will can provide for their care after your demise. You can name a caregiver for your pets and make financial arrangements to ensure that they are cared for.

Writing a Will is now made simple With ARM Trustees EasyWill, you can draft your own wishes written down from the conform of your home with your mobile device.

Interested in setting us a Will today? Contact us or send  us an email to [email protected] 

A legal will cannot—and thus does not—control everything. When it comes to estate planning, there are several types of documents that already name your designated beneficiaries. Thus, your will does not control:

1)  Who receives your life insurance proceeds. If you’ve designated a beneficiary, the beneficiary gets the life insurance no matter what you may state in your will. If you have a change of heart, you should change the beneficiary with your life insurer.

2) Who receives money from your retirement accounts. These act like life insurance proceeds. Whoever you’ve designated as your beneficiaries will get the money from the retirement accounts despite what your will may say.

3) Joint checking and bank accounts. These go to the survivor, even if the will says something else.

4) Joint real property. If you have real estate held jointly as tenants in common with the right of survivorship, the surviving party receives the property despite what the will says.

5) Joint property, such as cars. If there are two names on the vehicle title, the survivor gets the car.

6) Assets you’ve put into a living trust. You may want to consider having a living trust in addition to a will. A living trust avoids the probate process and allows beneficiaries to receive your property faster. Discuss your options with an estate planning attorney.

7) If your will is going to be contested. People who expected to inherit from you and did not, or who are not satisfied with their share, may contest your will. As long as you made a valid will and it was reviewed by an attorney, in most cases your will should withstand the challenge. In some cases, however, it will not, and then it’s up to the probate court to decide.

A will is an important instrument, but it must be valid or your property will be divided as if you had died without having a will in place.

As noted above, the formalities required for a valid will vary in each state. Check with an estate planning attorney to make sure your will has been properly prepared.

If you don’t want joint property or life insurance to go to certain beneficiaries, discuss this with an estate planning attorney so you can change your beneficiaries and joint property now before it’s too late to do anything about it.

Writing a Will is easy and simple. Contact ARM Trustees to get started with Easy Will

Powers of attorney are voluntary delegations of authority by the principal to the agent. The principal has not given up his or her own power to do these same functions, but rather has granted legal authority to the agent to perform various tasks on the principal’s behalf.

A comprehensive power of attorney ensures someone you trust will be in charge of important decisions and tasks, from paying bills to monitoring health care, and is a crucial part of long term planning.

Having covered the explanation of what a durable power of attorney is, here are the top 10 benefits of having a comprehensive power of attorney.

Provides the ability to choose who will make decisions for you (rather than a court).

If someone has signed a power of attorney and later becomes incapacitated and unable to make decisions, the agent named can step into the shoes of the incapacitated person and make important financial decisions. Without a power of attorney, a guardianship or conservatorship may need to be established, and can be very expensive.

Avoids the necessity of a guardianship or conservatorship.

Someone who does not have a comprehensive power of attorney at the time they become incapacitated would have no alternative but to have someone else petition the court to appoint a guardian or conservator. The court will choose who is appointed to manage the financial and/or health affairs of the incapacitated person, and the court will continue to monitor the situation as long as the incapacitated person is alive. While not only a costly process, another detriment is the fact that the incapacitated person has no input in who will be appointed to serve.

Provides family members a good opportunity to discuss wishes and desires.

There is much thought and consideration that goes into the creation of a comprehensive power of attorney. One of the most important decisions is who will serve as the agent. When a parent or loved one makes the decision to sign a power of attorney, it is a good opportunity for the parent to discuss wishes and expectations with the family and, in particular, the person named as agent in the power of attorney.

The more comprehensive the power of attorney, the better.

As people age, their needs change and their power of attorney should reflect that. Seniors have concerns about long-term care, applying for government benefits to pay for care, as well as choosing the proper care providers. Without allowing the agent to perform these tasks and more, precious time and money may be wasted.

Prevents questions about principal’s intent.

Many of us have read about court battles over a person’s intent once that person has become incapacitated. A well-drafted power of attorney, along with other health care directives, can eliminate the need for family members to argue or disagree over a loved one’s wishes. Once written down, this document is excellent evidence of their intent and is difficult to dispute.

Prevents delays in asset protection planning.

A comprehensive power of attorney should include all of the powers required to do effective asset protection planning. If the power of attorney does not include a specific power, it can greatly dampen the agent’s ability to complete the planning and could result in thousands of dollars lost. While some powers of attorney seem long, it is necessary to include all of the powers necessary to carry out proper planning.

Protects the agent from claims of financial abuse.

Comprehensive powers of attorney often allow the agent to make substantial gifts to self or others in order to carry out asset protection planning objectives. Without the power of attorney authorizing this, the agent (often a family member) could be at risk for financial abuse allegations.

Allows agents to talk to other agencies.

An agent under a power of attorney is often in the position of trying to reconcile bank charges, make arrangements for health care, engage professionals for services to be provided to the principal, and much more. Without a comprehensive power of attorney giving authority to the agent, many companies will refuse to disclose any information or provide services to the incapacitated person. This can result in a great deal of frustration on the part of the family, as well as lost time and money.

Provides peace of mind for everyone involved.

Taking the time to sign a power of attorney lessens the burden on family members who would otherwise have to go to court to get authority for performing basic tasks, like writing a check or arranging for home health services. Knowing this has been taken care of in advance is of great comfort to families.

How to set up a Power of Attorney using ARM Trustees Incap Solutions

What is Incap Solutions?

Incap Solutions is a service which enables you to plan for the “in-between” situations whereby an individual is temporarily or permanently incapacitated and is unable to make personal medical decisions or financial decisions.

Incap Solutions employs the use of Medical and Financial Power of Attorney.

A power of attorney is an important estate planning tool through which a person (often known as the principal, grantor or donor) grants certain powers to another person known as the agent, donee or attorney-in-fact. While executing a power of attorney (otherwise known as the POA), the principal could determine the magnitude of power to be granted to the attorney-in-fact, by either authorizing the attorney to deal with only a particular subject matter relating to the principal (a specific power of attorney) or to handle most/all of the principal’s matters (a general power of attorney).

Typically, a power of attorney would terminate upon the death of the principal, there are cases whereby the principal is neither dead nor functional. A Durable power of attorney would be useful in such instances where the principal becomes incapacitated.

To set up an Incap Solutions, please visit here

Credit in part: https://www.mclinburnsed.com

Imagine the smile on the face of your child, looking directly at you, and wearing that beautiful school graduation gown- That look is priceless! One of the ultimate goals of most parents is to give their children/wards the best of education. The best education to an extent adds the icing on the cake to the parenting career.  Sadly factors such as rising school fees, inflation, and general economic situation of a country always pose as obstacles to this great plan that parents have for their children.

Despite these factors, it is still possible to give your children the best education if well planned. We have listed 3 smarts ways every parent can plan for their children’s education, to guarantee them seeing their children in the beautiful graduation gown.

Start early

Planning for your child’s education is a long-term financial goal. The best time to start planning for your child’s future needs is when he or she is born. Assuming your child will go to the University at the age of 18, you will have nearly two decades to create the right-sized fund for your child’s need. The effect of compounded growth will allow you to achieve this goal with small, monthly contributions.

Diligently choose the right school

Children will mostly likely spend more time in school than at home, parents should be diligent when choosing a school for their children/ward.

The type of school a child/ward goes will have a great impact in the life of the child/ward. Before you settle for a school, you should consider the vision, mission and culture of the school to see if it they align with what you want for your child. You also need to fact check from people associated with that school, such as parents who already have their children enrolled in that school to hear what they have to say about the school

Set up an EduTrust

An edutrust is a legal agreement where money is put aside for the sole purpose of educating the children, irrespective of whatever, untold events the future holds.  It is aimed at assisting parents and guardians in securing uninterrupted education for their child(ren) or ward(s).

As a parent, this trust enables you to provide for the education of named beneficiaries. The standard, level of education is determined by you, subject to adequacy of funds in the Trust account. The Trust can comprise of a lifestyle component to provide for other needs of beneficiaries such as vacations, excursions, school trips etc.

We will love to celebrate you and your kids as they graduate from their dream schools. Get started on making that graduation smile a reality today by setting up  an education trust for your child here