As wealth creation accelerates among Nigeria’s growing middle and upper-income earners, individuals are increasingly seeking more effective ways to preserve assets and ensure smooth succession for future generations. Against this backdrop, FCMB Trustees Limited has called on Nigerians to consider Living Trusts as a strategic alternative to traditional Wills for estate planning and wealth preservation.
Rita Imonieroh, the managing director of FCMB Trustees Limited, said Living Trusts offer greater privacy, faster asset distribution, and stronger protection against family disputes compared to conventional Wills, which are often subject to lengthy probate processes.
According to her, while Wills have traditionally been the preferred estate planning tool for many Nigerians, they can expose families to delays and public scrutiny at a time when financial support and stability are most needed.
“The most glaring flaw of a Will is that it must pass through probate. This court-supervised process is often a marathon, not a sprint—costly, lengthy, and frustratingly public,” Imonieroh said in a statement.
She noted that a Living Trust allows individuals to transfer assets into a legal arrangement managed by trustees, enabling beneficiaries to gain access to funds and assets without waiting for court approval.
“A Living Trust functions like a private vault. It is an arrangement between the Settlor, the Trustee, and the Beneficiaries that bypasses the courtroom entirely. Assets are distributed according to your timeline, not the court’s, ensuring your family has immediate access to funds when they need them most,” she explained.
Imonieroh said the need for efficient estate planning has become increasingly important in Nigeria, where wealth accumulation often involves diverse investments spanning businesses, real estate, and financial assets.
She added that beyond succession planning, Living Trusts protect during periods of incapacity, allowing assets and finances to be managed seamlessly if an individual becomes unable to make decisions due to illness, disability, or old age.
“Should you be unable to manage your affairs due to illness or age, the Trust ensures your assets are used specifically for your care and your family’s needs, without the need for a court-appointed guardian,” she said.
The FCMB Trustees boss also highlighted the role of Living Trusts in reducing family conflicts that frequently arise after the death of a family member.
According to her, unclear inheritance arrangements often trigger disputes among relatives, particularly in Nigeria’s complex legal environment where statutory, customary, and religious laws can influence estate administration.
“Nigeria’s inheritance landscape is a minefield of varied religious and customary laws. High-profile estate controversies are a frequent reminder that inadequate documentation can fracture even the most tight-knit families,” Imonieroh stated.
She explained that because assets are transferred into the Trust during the lifetime of the owner, ownership structures become clear and legally enforceable, reducing the likelihood of litigation and wrongful claims.
“A Living Trust acts as a shield against these disputes. It reduces the risk of wrongful claims and ensures that your legacy is distributed according to your vision, not a compromise dictated by litigation,” she added.
Imonieroh further stressed that the effectiveness of a Living Trust depends on proper implementation and professional administration.
“A trust is only as strong as its funding; it is merely a stack of paper until assets are legally titled to it. This is why professional guidance is non-negotiable,” she said.
She urged Nigerians to move beyond simply drafting estate documents and focus on establishing structures that can provide long-term financial security for their families.
According to her, setting up a Living Trust involves identifying key assets and objectives, selecting beneficiaries and trustees, documenting distribution instructions, transferring assets into the trust structure, and ensuring professional oversight of the arrangement.
“Building wealth takes effort. Protecting it should not be left to chance. A living trust gives individuals control today, support if they ever need it, and peace of mind that their families will be protected in the future,” Imonieroh said.
She added that professional trustees play a critical role in ensuring that trust arrangements are administered transparently and in accordance with the wishes of the settlor, helping families preserve wealth across generations while avoiding the delays and uncertainties often associated with traditional inheritance processes.
