Author: ARM

Finalist Pitch for DAAYTA 2023

The Deji Alli ARM Young Talent Award (DAAYTA) program is gearing up for its fifth edition with the finalists’ pitch event scheduled to hold virtually on April 14th, 2023. This initiative was established in 2015 by ARM, in honor of its founding CEO, Deji Alli. The initiative’s primary objective is to support young entrepreneurs who have innovative ideas that can positively impact people’s lives and the communities around them.

Following a thorough review of over 482 applications from start-up entrepreneurs across Nigeria, the organizers have selected the top seven (7) outstanding companies to pitch their ideas.

The selected startups are Cdial Limited, Moon Innovations, Natibo Technologies Nigeria Limited, Sakula Limited, StackJunior, Strich, Inc. and ThinkBikes Limited.

The winner of the DAAYTA 2023 will receive funding of ₦12,000,000 (twelve million naira) over a period of one (1) year to; develop their business plan, complete an entrepreneurial education at the Pan Atlantic University’s Enterprise Development Centre in Lagos, Nigeria; and finance a 5-month acceleration support to develop their venture via a reputable entrepreneurial hub also in Lagos.

5 Questions to Ask Before Writing A Will

It is understandable that the thought of creating a Will can be overwhelming and stressful. However, it is important to remember that having a Will is one of the most responsible things you can do to secure your family’s future and provide peace of mind for yourself.

Let’s take a closer look at some of the most common questions and concerns that arise during the process of creating a will.

What should be included in my Will?

When it comes to the contents of your Will, the choices are entirely up to you. Some common inclusions may be real property, vehicles, shares, cash, appointment powers, funeral requests, specific items or personal belongings, and guardianships for your children. It is also important to consider any debts that you may have and how they will be managed in conjunction with your assets.

Who should I nominate as my executor?

The executor of your will is responsible for administering your estate and ensuring that your wishes are carried out. It is important to choose someone you trust, such as a spouse, adult child, or an institution such as ARM Trustees, However, it is crucial to discuss your nomination with the individual beforehand and ensure that they are comfortable with the responsibilities and requirements of the role.

How should I distribute my estate?

The way in which you choose to divide your assets is entirely up to you. However, it is generally considered best to prioritize your spouse and children before providing for others. Many people have a hierarchy of distribution in mind, which can be reflected in the way they divide their estate. Some may also choose to leave a percentage or specific amount to a charity or organization.

Who should be my children’s guardian?

In the event that both parents pass away, it is important to have appointed a guardian for your children. This individual or institution will be responsible for caring for your children and making decisions on their behalf. It is important to choose someone you trust and who has the capabilities to provide the best care for your children.

What are my final wishes?

While it may be difficult to think about, it is important to consider your final wishes and communicate them clearly to your loved ones. This may include funeral arrangements or other specific requests. By including these wishes in your will, you can ensure that your loved ones are aware of your desires and can carry them out with confidence.

Creating a Will may look like a complex process, but it is one that is well worth the effort. At ARM Trustees, we understand the importance of having a will and we have developed a platform that makes It easy for anyone to create their will in minutes. Visit our EASYWILL portal today to get started.

Everything You Need to Know About FGN Bond

What is a bond?

A bond is a type of investment where an investor loans money to a borrower, typically a government or corporation. When you purchase a bond, you are essentially lending money to the issuer. The issuer uses the proceeds from the bonds to fund various projects or initiatives. In return, the issuer promises to pay you a specified rate of interest (the coupon) throughout the life of the bond and to repay the face value of the bond (the principal or the original amount invested) at maturity. Bonds are often used as a means of generating income or diversifying an investment portfolio.

What is the nominal value of a bond?

The nominal value of a bond, also known as the principal or face value, refers to the total amount on which the issuer pays interest and is also the amount that must be repaid to the bondholder at the bond’s maturity date.

What is a coupon?

A coupon is the periodic interest payment made by the issuer of a bond to the bondholder. This payment is generally fixed at the time of issuance and is expressed as a percentage of the bond’s face value, which is why bonds are often called fixed-income instruments.

What is a yield?

A bond’s yield refers to the return that an investor will receive from the bond, which is usually expressed as a percentage of the bond’s current market price. The yield of a bond is inversely related to its price, meaning that as the price of a bond increases, its yield decreases, and vice versa.

What do yield, dirty price, and clean price mean?

The yield of a bond is the present value of all future interest and principal payments of the bond, discounted at the bond’s yield or rate of return. The market price of a bond may include the accrued interest since the last coupon date. The price of a bond including accrued interest is known as the “dirty price,” while the price excluding accrued interest is the “clean price.”

What is the maturity date?

The maturity date of a bond is the day on which the issuer repays the principal amount or face value of the bond, plus all outstanding accrued interest. After the maturity date, the issuer has no further obligations to the bondholders.

What is Accrued Interest?

Accrued interest is the amount of interest that has accumulated on a bond since the principal investment or last interest payment date. It is calculated and paid in pre-determined intervals (annually or semi-annually) for financial instruments such as bonds.

What is the difference between a Bond and a Stock?

The main difference between stocks and bonds is that stocks represent ownership in the issuing entity, while bonds are a form of debt in which the issuer promises to pay the principal amount at a specific date. Stocks pay dividends only if the issuer declares profit, whereas bonds pay interest at a set interval and the principal amount at maturity. Bonds are also known as ‘fixed-income’ securities as they provide a fixed return on investment.

What are the types of Bonds?

Bonds can be classified into different types based on the issuer. Sovereign bonds, like FGN bonds, are issued by the federal government, and State and Local Government Council bonds are issued by state or local governments. Government Agency bonds are issued by government agencies to finance specific projects, and Corporate bonds are issued by private sector companies to raise capital.

What are the risks and rewards of investing in bonds?

Any time you lend money, there is the risk that it will not be paid back. Bond investors also face prepayment and inflation risks. However, these risks are factored into the bond pricing, with higher risk bonds offering higher yields. Bond investments can provide a stable return on investment and can be used to diversify a portfolio.

Why should I invest in FGN bonds?

Investing in FGN bonds can be a good option for retirement planning, starting or expanding a business, paying for future expenses such as school fees or weddings, building a house or funding capital projects. The risk-free investment offers relatively high and stable returns, tax-exempt income, and can be used as collateral for securing credit facilities.

What are the benefits of FGN bonds to investors and the economy?

FGN bonds provide a risk-free investment opportunity with tax-exempt income and can be used as collateral for loans.
They also promote long-term investment in the economy and alternative sources of funding for the government, promoting self-reliance and reducing over-dependence on external finance.
FGN bonds help investors diversify their portfolios, promote financial inclusion, and provide benchmark yield-curve for pricing other debt securities/bonds.
They also enhance transparency, discipline, and stability in public finance management while strengthening the implementation of monetary policy by the Central Bank of Nigeria.

FAQs: Estate Planning and Trust

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.

Why is Having a Will So Important?

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]

Meet the Cohort for the Inaugural ARM Labs Lagos Techstars Accelerator Program

ARM Labs Lagos Techstars Accelerator, a Lagos-based program to build early-stage African fintech and proptech startups, is delighted to announce its inaugural class.The cohort is made up of 10 Nigerian and 2 Kenyan startups, with 50% female CEOs.

The selection process was quite rigorous. Beyond applying, the founders went through several interviews with members of the Techstars global team, and a final interview with Techstars Managing Director, Oyin Solebo and a 15-member screening committee. Some members of this committee included Ashim Octerra – Managing Partner, Octerra Capital, Olumide Soyombo – Voltron Capital, Charlene Chen – Former COO of AZA Finance among others.

“Since the announcement that Techstars was coming to Lagos, there has been great anticipation about the selection of the inaugural cohort. After a competitive application process, we have chosen entrepreneurs who have the capacity to be exceptional founders, startups that have the potential to be industry leaders, and a cohort that is collectively capable of bringing innovation and change to Africa and the world,” said Techstars’ Managing Director, Oyin Solebo.

“The excitement of supporting an accelerator program lies in the potential to ignite the spark of innovation and watch as it transforms into a blazing fire of impact and change. As ARM partners with Techstars to launch an accelerator program that provides funding, mentorship, and access to networks and resources, our goal is to unearth the next set of Unicorns out of Africa,” said Ina Alogwu, Group Director, Digital Transformation, ARMHoldCo.

The founders officially began the 13-week program on the 5th of December 2022, and have had engagements with over 100 mentors and speakers including Tunde Kehinde – Co-founder & CEO, Lidya, Bode Abifarin- COO, Flutterwave, Fara Ashiru Jituboh – Founder & CEO, Okra and Amandine Lobelle – COO, Paystack.

“I am delighted about our selection into the Techstars family because traditionally, as an African, female, fintech founder, the odds are often stacked against you,” said Ebby Gatamu, Co-founder Cladfy. “This program has not only taught us to focus on the problem and our customers, but also led us to meet and interact with phenomenal people we’d otherwise possibly never have met.”

The accelerator’s investment of up to $120,000 in each startup, as well as training and a vast investor network will be significant in the growth and longevity of the cohorts. Demo day is set for the 16th of March 2023.

“Being accepted into the Techstars accelerator was an unmistakable validation of peppa.io,” said Banky Alao, CEO of peppa.io, a fintech services company dedicated to payment protection. “The program has set us on a sure path to exponential growth and impact. Absolutely the best thing to happen to us.”

“Techstars’ presence in Lagos–Africa’s startup capital–further validates the continent as a rapidly evolving player in the global tech ecosystem. I could not be more excited to announce the names of the first 12 startups to be selected for the first ARM Labs Lagos Techstars Accelerator,” Solebo shares.

Below is the inaugural cohort of the ARM Labs Lagos Techstars Accelerator:

alphabloQ (Nairobi, Kenya)

alphabloQ is a real estate investment platform founded by Trevor Kimani and John Mbui. The startup’s mission is simple – to reduce the entry barrier for real estate investors by enabling investors to purchase a fraction of income-generating properties.

Peppa.io (Lagos, Nigeria)

peppa.io, founded byBanky Alao, Bridget Yadua-Soremekun and Emmanuel Obute, is making it safer to buy on social platforms for Africans through the use of payment protection.

CDcare (Lagos, Nigeria)

CDcare is making it easy for Africans to own gadgets, appliances, cars and more at zero interest, through smart installment plans. The company was founded by Tobi Odukoya and Deji Farohun.

Cladfy (Nairobi, Kenya)

Founded by Ebby Gatamu and Kibe John, Cladfy provides microfinance lenders with credit profiling, digitised loan management, and access to affordable, reliable financing.

Flick (Lagos, Nigeria)

Flick is building PayPal for Africa; enabling users to connect multiple bank accounts and pay directly from one source, making payments 7x faster. Ruth Olojedeand Dipo Gbadebo are the founders of the company.

Keble (Lagos, Nigeria)

Keble, founded by Emmanuel Oballa, Agulanna Josemaria, Adebisi Borokinni and Valentine Offiah, enables Africans at home and abroad to purchase fractional shares of global real estate for as low as $10.

Keza Africa (Lagos, Nigeria)

Keza is powering smartphone financing by enabling people to buy brand-new and certified pre-owned smartphones on a flexible payment plan. Keza Africa was founded by Aisha Hussaini.

Salad (Lagos, Nigeria)

Salad was founded by Chikodi Ukaiwe and Seunfunmi Omotunde and is providing employees with access to financial services and benefits beyond their monthly paycheck.

Sidebrief (Lagos, Nigeria)

Sidebrief simplifies the process of starting and scaling a business across borders, with its one-stop solution for registration, banking and regulatory compliance. The company was founded by Eunice Olopade, Abdulwaheed Yusuf and Usman Sotunde.

Towntalk (Lagos, Nigeria)

Towntalk, founded by Folake Edun, Disun Vera-Cruz and Tomiwa Erinosho, is building Area!–a protection platform giving companies peace of mind when moving goods and people from point A to B, by providing real-time location and behavioural analytics, vehicle tracking and access to insurance providers.

Vittas (Lagos, Nigeria)

Vittas is a digital lender for healthcare providers, using machine learning, partnerships and embedded 3rd party SaaS solutions to provide loans for the purchase of medications and medical equipment. Vittas was founded by Sulav Singh, Collins Uche and Eric Okemmadu.

Oystr Finance (Lagos, Nigeria)

Founded by Ifedolapo Lawal, Olusola Onajobi and Omotayo Iginla, Oystr is democratizing credit in Africa. The company provides lenders with an infrastructure to help them launch low-risk micro-loan products, grow their portfolios and expand into new markets in less than 30 minutes.

About ARM

Established in 1994, ARM is a leading Nigerian diversified and integrated asset management group firm that offers wealth creation solutions and opportunities through a unique blend of traditional asset management and alternative investment services to retail, high net worth and institutional investors. ARM Labs is our fintech support programme designed to facilitate and encourage innovative growth in the financial services industry. ARM currently manages total assets of approximately N1.77 trillion (as of September 2022). www.arm.com.ng

About Techstars

The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 2,500 companies with a combined market cap of more than $220B. www.techstars.com

Top 10 Advantages of Estate Planning

Estate planning can be a daunting task yet doing so is essential for protecting your loved ones and managing your assets after you pass away. Without an estate plan in place, your estate could be subject to excessive taxes and legal fees, or even end up in the wrong hands.

Fortunately, there are numerous advantages of estate planning that outweigh the effort and cost of creating a plan. From the peace of mind, it offers to avoiding probate costs and protecting family members, estate planning provides countless benefits that make it one of the most beneficial financial strategies possible. In this article, we’ll explore the top 10 advantages of estate planning and discuss why acting now is essential. Let’s get started!

What is Estate Planning?

Estate planning is the process of creating a plan for how your assets will be managed and transferred after you have passed. It can be as simple or complex as you want, but at its core, estate planning is about making sure your wishes are carried out and your loved ones are taken care of.

Who Needs Estate Planning?

Estate planning is not just for the wealthy. Everyone can benefit from having a plan in place for what will happen to their assets after they pass away. Without a plan, your loved ones will have to make difficult decisions about your finances and property at a time when they are already grieving. An estate plan can help you avoid probate, minimize taxes, and protect your family’s financial future.

What is Probate?

Probate is the legal process of settling an estate. If you die without a will or trust, your estate will go through probate and your assets will be distributed according to state law. This can be a long and expensive process, and it gives creditors an opportunity to make claims against your estate.

How Can I Avoid Probate?

One way to avoid probate is to create a revocable living trust. With this type of trust, you can name yourself as the trustee and transfer ownership of your assets into the trust. When you die, the trust becomes irrevocable, and your assets are distributed according to your wishes—without going through probate.

The Top 10 Advantages of Estate Planning

Avoiding probate:

Probate is the legal process of distributing a person’s assets after their death. By creating a will or trust, you can ensure that your assets are distributed according to your wishes and avoid the time-consuming and costly probate process.

Protecting your assets:

Estate planning allows you to protect your assets from creditors, lawsuits, and taxes. By creating a trust, for example, you can transfer assets to your beneficiaries without them having to go through probate or paying estate taxes.

Providing for loved ones:

Estate planning allows you to provide for your loved ones, both financially and emotionally. You can ensure that your children are taken care of if something happens to you and that your partner is provided for in the event of your death.

Planning for incapacity:

Estate planning also allows you to plan for the possibility of becoming incapacitated. By creating a power of attorney, you can appoint someone to make decisions on your behalf if you become unable to do so.

Minimizing taxes:

Estate planning can help minimize taxes on your estate. By creating a trust or taking advantage of other tax-saving strategies, you can reduce the amount of taxes that your beneficiaries will have to pay.

Charitable giving:

Estate planning allows you to make charitable donations and leave a lasting legacy. By creating a charitable trust, you can ensure that your charitable donations continue after your death.

Business Succession Planning:

If you own a business, estate planning can be used to plan for the future of your business after your death or incapacity. This includes identifying successors, transferring ownership, and providing for key employees.

Privacy:

Estate planning allows you to keep your financial affairs private. This can be important if you want to keep your assets and financial information out of the public eye.

Peace of mind:

Estate planning can provide peace of mind knowing that your loved ones and assets are taken care of in the event of your death.

Flexibility:

Estate planning is a flexible process that can be changed as your life and circumstances change. This allows you to adjust as needed to ensure that your plan continues to meet your needs.

In conclusion, Estate planning is an important part of your financial plan and can help you protect the assets that are most important to you. With a comprehensive estate plan, you can ensure that your wishes will be carried out after you pass away, provide for those who depend on you financially, make sure your family avoids costly probate fees, and more. We hope our list of the top 10 advantages of estate planning has helped to clarify why it is so important for every adult to have one in place.

To set up an Estate Plan, talk to ARM Trustees TRUST ADVISOR today.

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Navigating The Stock Market: Why Research Is A Must Before Investing

It’s no secret that the stock market can be a tricky and intimidating place to navigate. But with lots of practice and research, it can be made much simpler and less overwhelming. In this article, we’ll explore why researching is an essential step before investing in stocks, how to go about doing it, and how you can use your findings to make smarter decisions.

What is the Stock Market?

The stock market refers to the collection of markets where stocks (pieces of ownership in businesses) are traded between investors. It usually refers to the exchanges where stocks and other securities are bought and sold. The stock market can be used to measure the performance of a whole economy, or particular sectors of it.

There are two main types of stock markets: primary markets and secondary markets. In a primary market, new issues are first offered to the public through an initial public offering (IPO). After an IPO, shares trade on a secondary market. The supply and demand of shares on the secondary market sets the price.

Investors use the stock market to buy and sell investments including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). When you buy or sell these investments, you’re participating in the stock market. You can do this through a brokerage firm like ARM Securities or by working with a financial advisor.

Benefits of Researching Before Investing

There are a ton of benefits to researching before investing in the stock market!

First and foremost, you’ll be able to make informed decisions about which stocks to buy and sell.
Secondly, you’ll be able to develop a solid investment strategy that suits your individual goals and needs.
Thirdly, by keeping up with research you’ll be able to identify potential red flags or warning signs about certain stocks before making any big decisions.
Finally, staying informed about the stock market will help you avoid common mistakes that novice investors often make.

What to Research Before Investing?

When it comes to stock market investing, research is a must. There are a number of things you should research before making any investment decisions, including:

The company: Make sure you understand the business model of the company and its financials. You can find this information on the company website and in its filings with the Securities and Exchange Commission (SEC).

The industry: It’s also important to understand the industry in which the company operates. This will give you a better idea of the competitive landscape and potential risks and opportunities for the company.

The markets: Keep an eye on general market trends, as well as specific trends within the industry or sector. This will help you identify both short-term and long-term opportunities and threats for your investment.

Your own risk tolerance: Be honest with yourself about how much risk you’re comfortable taking on. This will help you choose investments that are align with your goals and risk tolerance.

Strategies for Researching Companies

Before investing in any company, it is important to do your research. There are a few different strategies you can use to research companies so that you can make the most informed decision possible.

Read annual reports:

These will give you an overview of the company’s financial situation and health. It is important to understand a company’s financials before investing so that you can assess the riskiness of the investment.

Read news articles about the company:

This will keep you up-to-date on any major developments or newsworthy events happening with the company. You can also get a sense of analyst sentiment by reading what experts are saying about the stock.

Talk to people who are familiar with the company:

If you know anyone who works for or has invested in the company, they may be able to provide you with valuable insights. Talking to people who are knowledgeable about the company can help give you a more well-rounded view of it.

Investing in the stock market can be a lucrative opportunity, but it comes with its own set of risks. The best way to mitigate these risks is through thorough research and understanding of the market before you begin investing your hard-earned money. While making informed decisions may take time, remember that there really isn’t any shortcut to successful investing – knowledge and careful planning are key components when navigating the stock market. Invest wisely and good luck!

7 Things A Valid Will Cannot Control

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

10 BENEFITS OF A COMPREHENSIVE POWER OF ATTORNEY

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