How can you plan for orderly transfer without dissipation?
Invest in advice. Speak with a lawyer or Trustee. Tell them your history and family connection, seek advice on how best to transfer assets without loss or legal challenge
Wills, Trusts even Foundations are all options.
How are your assets registered?
If you buy assets in your name, it's hard to transfer when you pass.Think about a Custodial or Trust Account, and name beneficiaries or Trustees.
Wills are ok, important this is have a plan, record assets and transfer.
If you buy land or assets together with partner, then title as appropriate. Not "Mr and Mrs Smith" but "Alice Smith and John Smith"
(yes full names, "Mrs" is not a name, there can be many "Mrs" Smith).
The title of an assets denotes ownership or control.
Don't have a partner? write a will or letter transferring assets to named charity or beneficiary. If you pass away without next of kin, your dividends are "unclaimed", & the Federal Government can legally borrow those dividends. Never leave assets hanging without an owner.
If you have nominated a Next of Kin to your office or Pension Administrator, please nominate only your adult partner. Do not nominate your minor child because he is male or your male brother. (Men please)
Sadly, it is possible for a distant relative to walk into a 🇳🇬 court, and get a letter of Administration on your own assets while you the partner mourn. Partner, when spouse passes, cry, but quickly get the death certificate, process probate or letter of Administration.
DO NOT wait until after burial, do immediately. Give letter of Administration to Lawyer to posses all properties and write to organisations. Write to banks & stockbrokers, place "no debit" status.
Create your account, transfer all cash owned by you and partner to new account.
If partner owns a business, who are shareholders? What % does partner own? Who is signatory to company account? What is succession plan? Ask, find out
Is company audited? Last audit will list assets. Very important you control cash in and out after passing.
Hire an advisor to value &sell company if it's a one person operation with skills partner can't do.
Make sure you write to bank not to honour any future debits. Banks work with formal letters, inviting staff of bank for "Wake Keeping" is not a formal communication of death.
When you do a will, consider also recording yourself, buy a newspaper, to show date, put TV on in background without sound, then read your will, line by line. Is a digital will legal? Not yet but it's a powerful message of intent.
The party with the information has a huge advantage. Write out all your assets and liabilities, everything. London village etc. Password
to phone, to payout the account, etc
Save online...write letter with username and password, open Corporate Trustee or get lawyer, tell them to give to your designated next of kin after you pass.
Insurance will pay out sum assured to named beneficiary your not a partner or next of kin
I am not a lawyer, comments are my opinions & personal experience from working in Private Banking & Pensions for a long time. Everything is open to legal challenge, one goal is to have to means to keep surviving whilst fighting legal challenges.
it will happen. Plan for it
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1. Stop posting personal information on public forums. e.g. travel plans, new purchases. sure share with your friends on private networks, but the public?
2. Cover your employee ID when taking pictures. bad guys can clone it.
3. Stop tagging images, geotags alert bad guys where you have been, and allow them to craft a profile and send malware e.g, " hi we met at that conference in Calabar in February".
4. Don't take photos of your workstation, hackers can see the type of software you use then customize phishing attacks on your organization.
Stop writing user names with passwords on post-it notes and sticking them on the monitor
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