Nume Ekeghe
An investment banker and Consultant to ARM Trustee Limited, Mr. Henry Hollingdrake, has urged businesses and families to properly structure and manage their wealth to be able to efficiently transfer it successfully to the next generation without incurring liabilities and unnecessary risk.
He said this recently at a roundtable organised by ARM Trustees where he stressed that in today’s world, owning valuable assets does not guarantee the value of the assets will be preserved when transferred to the next generation.
He said: “We must be willing to leverage estate planning tools like Wills, Guardianship documentation, Trusts and Foundations, and the utilisation of relevant coordinated structure for larger and more complex estates. He explained that an Estate Plan be it local or international, includes having strategies in place to manage: the effect of inheritance tax, ease of wealth transfer and business succession relating to investments, real-estate, your pension fund, and other assets, which could form a significant portion of your wealth.”
“An estate plan will help individuals and families with both local and international assets, investments, and business operations give careful consideration and properly document their holdings to ensure the assets are protected and passed on to future generations. This is effective, legally robust, practical and efficient. Estate planning offers you protection without borders, especially considering potential shifts in Residency and Citizenship, which may impact one’s wealth. Effective management and ownership of a business operation can also be safeguarded by setting up a succession plan.”
