Experts Seek Formalised Will, Islamic Estate Transfer to Secure Family Wealth, Legacy

• Pantami, Aisha Babangida, Ummahani Amin, others warn against informal, verbal arrangements

James Emejo in Abuja

Legal, financial and religious experts have called on Nigerians to adopt structured Islamic estate planning frameworks to secure their wealth and legacies.

They warned that reliance on informal arrangements and verbal agreements exposes families to disputes, financial losses, and prolonged legal battles.

The advice was given at the 8th Annual Islamic Estate Planning Clinic with the theme, “From Informality to Legacy: Structuring Islamic Wealth Transfer” which was organised by The Metropolitan Law Firm in collaboration with First Trustees Limited and Al-Ameen Trustees Limited in Abuja, over the weekend.

The speakers emphasised the urgent need for documentation, professional advisory support, and the adoption of modern financial and legal tools to ensure responsible wealth transfer, particularly amid Nigeria’s evolving tax environment and the rise of digital assets.

According to them, structured Islamic estate planning remains essential not only for protecting wealth but also for promoting social stability, responsible governance, and intergenerational prosperity.

In his keynote, former minister of Communications and Digital Economy, Prof. Isa Ali Pantami, said wealth transfer should move from verbal arrangements to structured, documented, and Sharia-compliant systems.

He said, “The transition from informality to legacy means moving from cultural verbal agreements to formal, documented frameworks. Verbal agreements are unreliable and often lead to disputes.”

The former minister who is the Co-Chair, African Union’s 4th Industrial Revolution Policy Council, further advocated the use of modern technologies, including blockchain systems, to preserve wills and legal agreements securely, adding that structured wealth management was not only a legal necessity but also a religious responsibility rooted in Islamic teachings.

Pantami highlighted common challenges including cultural practices that conflict with Islamic inheritance principles, delayed will-writing, and inadequate documentation of property ownership across communities.

Also, Managing Partner of The Metropolitan Law Firm, Hajia Ummahani Amin, said many Nigerian families still relied on undocumented arrangements that often lead to disputes, mismanagement, and outcomes that contradict the intentions of wealth creators.

She said, “Estate planning allows individuals to organise their affairs before death and ensure their wishes are respected. Leaving assets in the hands of relatives or friends without proper documentation has caused serious problems for many families.”

Amin noted that while Islamic inheritance principles are clearly defined, individuals retain the right to allocate up to one-third of their estate through wills or trusts, urging Nigerians to incorporate structured tools such as trusts and endowments to protect beneficiaries and sustain legacies.

She noted that Nigeria is increasingly prepared for the realities of digitalisation and emerging tax reforms, that proactive planning would help individuals adapt to the changing financial environment.

Also, Chairperson of the Better Life Programme for the African Rural Woman (BLPARW), Dr. Hajiya Aisha Babangida, underscored the need for continuous education and awareness to help families understand available Islamic financial instruments.

She pointed out that tools such as waqf (endowment), trusts, and Sukuk bonds could support community development, education, and infrastructure if properly understood and utilised.

She said, “Education is key – people must understand the available instruments and how structured planning can help families build sustainable legacies while contributing to community growth.”

Similarly, Associate Director of First Trustees Ltd, Mr. Abimbola Ajinibi, identified cultural misconceptions as a major barrier to estate planning.

He said many Muslims mistakenly believe that Islamic inheritance rules eliminate the need for wills or structured planning.

He said, “In reality, up to one-third of an estate can be distributed through personal discretion. Failure to plan can lead to intestate estates and probate processes that may cost up to 10 per cent of the estate value.”

Ajinibi also noted that estate planning encompasses more than wills, including trusts, gifts, and powers of attorney designed to ensure seamless wealth transfer.

Speaking on financial governance, Rotimi Obende of First Trustees highlighted the implications of tax reforms effective January 1, 2026. He said trustees and estate administrators are now required to report income generated from estates and trusts.

According to him, “While inheritance transfers themselves remain largely unchanged, income earned from estate management must now be reported and taxed. Proper structures ensure that taxes are assessed on net income rather than gross income.”

On her part, Representative of Al-Ameen Trustees, Ms. Mutiat Olatunji, emphasised the role of regulated, faith-based trustees in providing Sharia-compliant estate planning and ethical financial governance.

She said professional trusteeship helps ensure transparency, regulatory compliance, and responsible management of wealth for both private beneficiaries and broader community development.