Five people you love who died without Wills

Five people you love who died without Wills

You know those people you admired from afar, secretly wishing they were somehow related to you. Even if they couldn’t be your father or brother, could they at least be a distant cousin? Any form of connection would do. You admired their success, the wealth they had built for themselves, the legacy they had created. You imagined how easy their lives must be, how doors would swing open at the mere mention of their names. Their families are lucky, you always concluded. Their lives would be a lot easier than the average person’s and their future secured. You could only imagine all the wealth they would eventually inherit if anything happened to the famous person they are related to.

Well, they may indeed have enjoyed benefits by reason of their relationship. But for some  of them, such privileges ended with the person’s demise. Surprisingly, loads of rich and popular people die intestate (without writing a Will), throwing the families they leave behind into conflict and confusion. Let us consider five famous examples.

  1. Bob Marley; Despite his widespread fame and exposure, Bob Marley didn’t write a Will!. He probably had hoped to live to a ripe old age but his four-year fight with cancer could somehow have prepared him for mortality and driven him to write a Will. Well, he didn’t and two decades later, his family are still frequenting court rooms debating the administration of the $30 million estate he left behind.
  2. Abraham Lincoln: Extremely famous lawyer who became America’s 16th president somehow died without documenting his wishes in a Will. Following his unexpected demise, his family had to employ the services of Justice David Davis of the United States Supreme Court to help in the administration of his estate.
  3. Martin Luther King Jnr: He had a dream and a family who loved him, but he didn’t have a Will. His estate has since been the subject of many law suits as his children and family fall in and out of disagreements as to how his estate should be run.
  4. Prince: Still fresh in our memories, Prince’s demise shook the world as did the petition filed by his sister closely after she lost her brother. Although there are speculations of a hidden Will somewhere in Toronto, the signs of a long family feud and court battle for assets are already evident.
  5. Pablo Picasso: One of the most revered artists to walk the earth lived well into his eighties but never came around to writing a Will. His large family comprising of wives, mistresses, children and more children were left to figure out what he had and what to do with his assets on their own.

Maybe you are not extremely rich and famous yet and your family is not large- you only have two children, a few cousins, grandparents, uncles and aunties, etc. It does not matter much. If you have  assets of any kind and people who love you about whom you also care, you should have a Will. Don’t wait until you have a house in Banana Island or Wuse II, start with those share certificates, that Retirement/Pension fund, those mutual funds, that plot of land. If you have any of these and more, my brothers and sisters, you have assets and you need a Will.

Ready to take the leap? Talk to our Estate Planning experts here, we’ll help you get your own EasyWill.

Still not sure you want to protect your family? Let’s convince you some more, learn more here.

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January salary, is that you?

January salary, is that you?

So you endured the 95 days in January, after balling in December, paying school fees, house rent and a million other bills

 

Then finally your endurance paid off and you see payday just ahead

 

Then you remember you borrowed money from Tunde and even took cash advance from your bank

 

While you are still trying to sort your confusion, you get a ‘just saying hi’ message from bae, because Valentine is around the corner

 

What a wawu! You can already see your account balance laughing at you like this

 

This 2018 must be different o, not that brokenness life you endured last year, you know it’s time to borrow yourself brain

 

You decide to check the ARM Money Market fund thing they have been making noise about

 

Chai, the thing is offering more than 12%  sha and you have been dulling all along

 

Quickly you sign up and set up a direct debit because this investment thing is not a joking sturv, no stories that touch please

 

Finally you can relax knowing you will ball through 2018, issa big boy

 

Wait, you still don’t have Money Market fund? Click here to sign up sharp sharp,  no excuses.

 

Welcome to the balling life, may your year be filled with Paydays!

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Five financial goals to set this year

Five financial goals to set this year

It’s another year and we’ve promised ourselves all sorts of things – I want to be bigger, thinner, eat more veggies and maybe eat less sugar.  That said, we can all agree that we all need more money and sometimes the key lies in managing what you already have.

So here are 5 financial goals you should set for 2018. Why 5 goals? You can count them on one hand (obviously), and the less you have to focus on, the more chances of you succeeding at becoming financially fit.

 

  1. Don’t shoot yourself in the leg – It’s not enough to make budgets; make one you can stay true to. Ensure you track your expenses because that action will inform your budgeting choices. When you finally make that budget, do all you can to stick to it.

 

  1. Set a (realistic) personal savings goal for the year – Check how much you are currently making, what your expenses are, and figure out how much you can realistically save every month. You should have a monthly and yearly savings goal, and they should both align.

 

  1. Pay back already! – If you owe any debts, make this the year you clear them out and avoid getting more debts. Debts have a way of hindering most, if not all your financial goals.

 

  1. Be prepared for Emergencies – You probably know this as ‘the rainy day’ fund. If you don’t already have one, then this should be the first savings goal on your list for the year. Your emergency fund should have enough to cover three to six months of your expenses. This ideally includes all your living expenses, and that of those who depend on you (if you have any). You want to be prepared in case of any unexpected life emergencies.

 

  1. Find an investment option that works for you – If you desire a financially free future, you should definitely consider investments if you haven’t already. What do you want to invest in? This can be within your retirement account as an additional voluntary contribution, or in a separate investment account or even invest in real estate if that catches your fancy.

 

 

 

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Estate Planning: how to plan your life and its aftermath

Estate planning

Benjamin Franklin, the great American statesman once said that in Life, only two things are certain – death and taxes. Yet, very few people plan for their mortality and this often results in chaos. The assets and resources they spent most of their lives working hard to accumulate may become abandoned or dissipated when they are gone to the bewilderment of their descendants. Although no one likes to talk about it, thinking about death is one of those melancholic things that we nonetheless ought to do. Death will happen to us all Although we do not know when it would happen, death will happen to us all. Hence, the pragmatic approach to handling our state of affairs is to plan our estates.

In the event of sudden death or incapacitation of a person who has not planned their estate, his or her children and dependents  are usually worst hit; thrown into confusion and possible deadlock on what to do with the said deceased person’s assets. Estate Planning is the process of making sure you have the appropriate legal instructions in place to ensure your assets go to the desired people in an efficient manner and are well managed. Estate planning is not only about planning for death but also about planning for one’s possible incapacity as well.

 

Some of the most popular tools for planning an estate include Wills and Trusts. Life Insurance, Joint Ownership, Deeds of Gift, Corporations and Powers of Attorney are also examples of Estate Planning. Some of those estate planning methods are discussed below.

 Will

There is almost always a need to have a Will – an incredibly vital estate planning document.  A Will not only allows you to choose who receives your assets when you pass away, but also who looks after the interest of your wards and children if they are still minors at the time of demise. When an individual dies Intestate (without a Will) or is incapacitated, there are often conflicts and complications that may arise; leaving the estate to relatives or the State to administer (intestate Succession).    Intestate Succession usually takes a longer time and your dependents may have minimal or no control over where your assets end up.

A Trust

A Trust is a legal entity that you can create and use for various purposes. The trustee acts as the legal owner of what the trust holds, whilst the beneficiaries may receive all the benefits from what the trust holds. In Estate Planning, Trusts are used to legally avoid estate taxes in various ways. Trust vehicles can also describe how and when assets should be distributed. For example, the settlor (or grantor) of a Trust could instruct that assets be held in Trust for beneficiaries until they attain a certain age or reach a particular life milestone. Like Wills, Trust vehicles can also provide alternative distributions for assets in cases where the beneficiary(ies) pass on without any other qualifying beneficiary. (For example, assets could flow to a charity or educational institution.) A Trust is a very flexible estate planning mechanism. It also allows for the preservation, consolidation of one’s assets as well as ensuring that it remains confidential.

Power of Attorney for Medical Emergency

In the event of medical incapacitation, a Power of Attorney for Medical emergency, sometimes dubbed Care by Proxy, gives an agent or donee the authorization to make medical and health care decisions on  behalf of the principal. The principal can also direct the agents on what type of care he desires in the event that he is unable to make such decisions. For instance, if you do not want to be kept alive on a support machine, you can state that the agent makes this decision when the time comes. As a matter of practice, doctors are bound by the oath of their profession and are not legally obliged to share patients’ medical records with anyone – even family members. However, a donee of a Power of Attorney can be allowed access to medical records of the Principal and advice on the best health option. The Agent is then saddled with the responsibility of making medical decisions on behalf of the incapacitated Principal.

Financial Power of Attorney

In signing a durable power of attorney, you immediately give another party (the agent) the power to make financial and legal decisions on your behalf. This document can be customized so that the agent only has power to manage your finances if you become incapacitated and are unable to make informed decisions yourself. The power is granted in a document and is useful not only to you but your family in times of crisis. In other words, it grants someone legal authority to act on your behalf with respect to your financial issues. This may particularly be useful where a person is incapacitated but there is a need to debit the person’s bank accounts for the purpose of effecting payment for that person’s care.

Power of Attorney for Property

A Power of Attorney for Property addresses how you want your assets to be managed and treated. Should you not be able to make decisions by yourself, the party designated to act for you (agent or donee) will be able to make decisions in your best interests regarding your assets. This can include selling your house to pay for medical bills, moving money between accounts, buying/selling investments and related issues as they relate to your assets.

 

More often than not, families are thrown into confusion in the event of medical emergencies, incapacities, or the death of a breadwinner. The Estate Planning tools stated and explained above can be used independently or in combination.

Whatever estate planning option you choose to adopt, there is a need to engage the services of a professional Estate Planner. With our considerable expertise and experience, ARM Trustees would put your mind at ease. Our excellent services and seamless processes make  planning your life and its aftermath easier and gives you assured confidence knowing that your estate’s affairs are in good hands. Contact us here

6 things to prioritise during your NYSC Year

6 things to prioritise during your NYSC Year

One year is a long time, yet it can pass by very quickly. Don’t let the one-year compulsory youth service year pass by without adding some value to yourself.

On that note, here are 6 things you should do during your NYSC year:

Prepare your CV and start sending out:

If you don’t have a CV yet, use this time to sit down and draft one. Do your research to see CV writing tips and use them to craft a stellar CV. Keep it to two pages. Once you have your CV, start circulating to family, older friends and to companies via their career pages. Also start completing online job forms and subscribe to new job alerts.

Be present on the internet:

Whether you get posted to a village or city, try not to be cut off information. Being present on the internet is how you know what is going on, what companies are recruiting, and what new opportunities are ripe for the picking.

Register for professional exams:

You have plenty of time on your hands now – well at least for a year. Use the time to find any professional examination/course(s) that is relevant to you, register and actively study and pass them. They will give you better chances during your job search.

Try out job tests:

They say, ‘practice makes perfect’- so practice job tests (if you plan to work for somebody). Get relevant materials GMAT and start getting yourself acquainted with the tests therein. Make sure you time yourself with the sample timing included and aim to get better with each trial. By the time you pass out from NYSC, you should be ready to take job tests from prospective employers.

Learn a skill:

If entrepreneurship is your thing but you don’t have the requisite skills, your service year is the perfect time to acquire the skill you will need. If you learn that skill before you pass out, you could even start making some money with your new skill while still serving.

Network:

Corpers are usually loved and respected in most communities where they serve. Leverage that to meet those that matter in your place of primary assignment or state. Meet new people, brush up your LinkedIn profile and connect with those in the industry you have your eyes on. You never know who could help you get your foot in the right door.

 

 

 

 

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New Year, different you?

New Year, different you?

With the New Year in full swing, what plans do you have to make 2018 better and different from last year? Yes, there are still books to read, the crew to hang with, Valentine’s day to plan for and social media to slay for – but really, are these the only things this year should be about for you?

How about using this year to set plans in motion for the future you dream about? Now don’t roll your eyes, I know you’re still a student but you’ll one-day graduate and you don’t want to be among the growing list of job seekers prowling the job market now, or do you? The steps you take now can be your ticket to never having to be termed “Job hunter” years later.

What steps? Well, check this list out.

Network: Start making connections as early as you can. Email people in fields you’re interested in even if it’s just to say, “I read your book, or I admire your work”, join professional organizations and attend conferences.

 

Use your breaks wisely: This year, try to use your breaks more productively. You can:

  • Get an internship
  • Start a small business on the side (If you’re business-minded)
  • Take courses to boost skills you’re not taught in school
  • Read widely and wisely
  • Travel – to learn how to adjust to strange and unusual circumstances

 

Gain knowledge: Don’t wait until you graduate to know what you want to do career-wise. Don’t wait till you are called for an interview to learn how to respond to questions. Don’t wait until you must choose your Pension Fund Administrators to make a choice. Research now to know what you need to make informed decisions when the time comes.

 

Create your online persona: In this day and age, one of the worst ways students can damage their future careers is by sharing the wrong kind of information online. Assume that everything you post online will be available to prospective employers, clients, or investors – no kidding, these people actually go to the internet to research potential employees or partners. Build a public-ready profile and under your own name too (not nick-names).

 

Be attentive: Consider every stage an extension of your education. Listen more than you talk, and learn as much as you can from the ‘old hands’ and from critics too.

 

It’s a new year! The year that you enjoy life on campus but also prepare for life in the real-world.

 

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4 money moves for expecting parents

4 money moves for expecting parents

Expecting a 2018 baby? You must be excited!

You may already have the list of all the things you need to buy (you’ve probably bought some), your friends and family are planning the most amazing baby shower for you and you can’t wait to begin posting baby pics for the gram and oh, twinning with your ‘little bae’ as soon as possible.

Hey, that’s fine. But while you have all that going, remember that soon, there will be another mouth to feed and another human being to cater for maybe the next two decades. That is enough reason to tackle some financial issues now rather than later.

Before baby comes, think about making these 4 necessary money moves.

  1. Have a talk with your partner

You may not think this is a money move, but trust me, it is. The arrival of a baby is as real as anything can be and decisions will have to be made. Decisions like: Will you be taking the baby to a creche after the first three months or will you need to hire a nanny.

If you decide that your baby will go to a creche or have a nanny, understand that even that comes with additional financial responsibility. Planning towards it now takes the pressure off.

 

  1. Live within your means

With your baby due to arrive soon, it is very important that you live within your means.

You see the thought of getting expensive car seats, baby cots and ‘new everything’ just because baby must have the best? Rethink it. Buy what you need (the less expensive but durable, the better). Resist the temptation to use the arrival of the baby as an excuse to splurge on things you won’t be needing.

Tempted to buy a lot of ‘baby dresses in pink’ because you’re expecting a girl? Awesome, but remember that babies quickly outgrow their clothes and you may see yourself buying more in bigger sizes less than 2 months after the baby is born.

You can also reach out to close family members who have stopped having babies for their baby items that are still in good condition such as cots, prams, walkers, car seats and more. If you don’t mind doing this, you may be able to save some extra cash.

 

  1. Plan ahead

There is a lot of financial pressure to deal with now, think of how much bigger they can get as your child grows and the cost of caring for him/her grows too.

That is why you should think of a plan to not only save more in 2018 but the years after. Saving ahead means financial security for this new person in the picture plus the rest of your family while providing a safety net in case of an emergency. One way to save for your new baby is by putting aside some fund particularly for his/her education even before he/she starts school. Every tiny drop you save will form the much you can pull from when the rising cost of education threatens to empty your pockets in the future.

 

  1. Make more money

If you have various skills and can properly manage your ventures without sacrificing one for the other, then why not get an extra source of income. It doesn’t matter how small, let some other channel be open. It could be freelancing, small business, public speaking – name it! Explore other channels.

If you want to make more money but cannot manage multitasking at some other business, you can invest some portion of your income to make more money for you. In truth, as your family expands, so will financial responsibilities too – but if you plan for that before-hand, you will welcome and even celebrate the growth of your family.

 

Your baby’s arrival is a thing of joy – and planning for the future before the D-day comes will ensure the joy lasts a long time.

 

Do you know any pregnant friends? This might be useful to them. Why not share this.

 

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How to take your New Year goals beyond January

How to take your New Year goals beyond January

Beginnings are beautiful. Everyone loves the exhilarating feeling that comes with starting. The dawn of something new seems to awaken fresh hope in our hearts, propelling us to dare to dream. We make plans, new resolves, set goals, envision possibilities…For a few golden days or even weeks, there is a spring to our step, a purpose to our every action, we believe anything is possible. Until time proves us wrong and months pile, leaving our dreams stranded in imagination lane, our hopes depleted, and our drive gone. We trudge through the year, looking forward to a brighter day, praying for a miracle or just accepting fate.

Popular statistics reveal that only 8% of New Year resolutions made in January make it to March. But it doesn’t have to be that way. You can transcend from Dreams Ville to Action Lane. You can back up your aspirations with steps. The goals you set in January can become realities in June. You can look back in December with even more than you anticipated. It depends on you. How? Here are just three things you need to do.

  1. Don’t just wish, set goals

What is the difference between a wish and a goal? Goals are calculated projections, feasible, achievable and time bound aspirations while wishes are just desires. Goals are within your reach, you can work towards making them happen, wishes on the other hand happen upon you, if they happen at all. Stop wishing, start setting goals.

  1. Break it down

It is important that you break that overarching goal into smaller units. Identify what your overall goal is, then break it down into smaller goals that lead to the ultimate result. If for instance your goal for 2018 is to travel abroad for Christmas, start by determining how much you will need to make that trip in December (Overarching goal -raise 2 million Naira for vacation). Take it further by calculating how much you will need to put aside every month to accumulate that amount (Monthly goal- invest 100,000 every month). Next you need to ascertain what lifestyle changes are necessary to enable you put aside that amount every month (Weekly goal- reduce Friday night hangout to last Fridays of the month alone).  You can attack your weight loss goal, networking goal or whatever goal with the same model.

  1. Take action

Don’t just determine to eat less or save more or spend less time on social media, put things in place that will propel you to do it. You might need to get an accountability partner to monitor your social media addiction, set up a direct debit mandate to ensure you put funds aside for investment consistently, download an app to monitor your expenses, register at a gym, create a meal plan, purge your house of everything unhealthy- do whatever needs to be done.

Let this be the year you actively pursue your goals. Every day, go to bed with the satisfaction that you are one step closer to realising your ambitions.

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What happened in 2017?

What happened in 2017?

A lot!

You let us into your world and allowed us to have beautiful conversations with you. We talked about your salary and asked Shade a few questions. You stayed with us as Kola begged his daughter to call him daddy and didn’t think his pleas were too little to count. Thanks for advising Bade when he erroneously assumed that a ring is a ring. You went on Abu’s journey with us and trusted us even when Mrs Gregory insisted we should not ask her to trust her husband.

When your landlord kept asking you ‘What’s today’s date?’, you sighed and told us you were tired of his drama, not again you said, not this month. We showed you how to fire your landlord and you realised getting your own place was a rewarding investment. Clem complained to you that there is something wrong with his wife and you advised him because it’s all in the mind. When you had the money talk with your child, you told us and we had a few tips for your nephew who just rounded up NYSC. He was thinking of starting up his own business instead of becoming a job hunter and we told him how to turn his seed into a tree.

Even when your Harvard graduate decided to become a DJ, you listened to us  and gave him quality advice on personal finance.  No doubt, we have had a beautiful year together. We hope you let down your hair this Christmas and have started considering making these 6 changes in 2018.

As you prepare for next year, do not be boxed by money myths, do a review of your finances to discover how much you are losing or gaining and consider drawing up a budget for the year. Perhaps these 4 reasons will encourage you to get covered because it’s the perfect time to consider estate planning even if you are established and unmarried. 2018 could be the year you start your post retirement business, it could be the year your dreams come true.

Whatever you decide to do in 2018, be assured that we are with you, providing you with the relevant information you require to realise your ambitions.

Our first advice for the year? Start early, everything counts, even the little drops.

 

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How to save more in 2018

How to save more in 2018

Do you have millions of naira or even dollars sitting pretty and waiting for you to spend as you like? If your answer is no, then that word ‘Budgeting’ may be your ticket to saving more in the New Year.

Why? Because when you budget wisely especially with 2018 in view, you will not only be able to account for all your money, but you may also be able to save towards a pressing goal or just towards your future.

Now, don’t consider this a damper on all the fun you plan to have with your hard-earned money, instead look at it as a deliberate plan that helps you live within your means yet plan towards the life you dream of.

But enough of all the talk, let’s get down to practical ways you can create and maintain your budget every month in 2018:

How much do you make monthly?

First, you need to have a constant inflow of income. Before you draw up a budget, calculate how much you take home. It doesn’t matter if you work a 9-5 and rely only on your salary or you are an entrepreneur with money ‘falling’ on you from many sources, calculate how much you earn. When you know this, you can tell yourself the truth about what you can afford, what you must save and what will make you owe ‘gbese’ if you dare to go for it.

Know what you are spending on

Secondly, list those things you definitely have to take care of like – rent, school fees, insurance, house-keeping/feeding, utilities, fuel etc. Now that you have that out of the way, where does the rest of your money go?

Do you spend a lot on shopping, hanging out with friends, recharging for premium bouquet on DSTV (when you really can make do with the compact plus bouquet) buying more human hair or even buying asoebi for weddings? Take note of that. Check your spending history to know your different categories of spending.

Set a fixed percentage for all you plan to spend on

Now you’ve made your list and figured out where all your money goes on a regular basis. What you need to do next is minus the ‘needs’ we mentioned earlier from your monthly income. Then divide what remains amongst all the other things you plan to spend on. Whether you plan to invest, save or pamper yourself, decide how the remaining money you have will service these needs/wants.

This way, your priorities are managed, savings intact and your money put to work.

Embrace technology

Once you establish a solid spending plan, use the awesomeness of technology to send your money to the right places before you even see it.  For instance, you can set up a direct debit for your savings or even investment so that each month when payday comes, a fixed amount of money is transferred there. This will help you relax and save or invest without putting in the back-breaking manual work or even forgetting.

Bottom-line: Budgeting is about owning your income and being intentional about how you spend it. Yes, many ‘wants’ often masqueraded as ‘needs’ will surface to sap your money, but when you forget the temptation of now and spend only what you must, let go of what you can and save/invest what you’ll need tomorrow, you can have a comfortable life you can be proud of.

If a little sacrifice today can mean living debt-free with a constant flow of income and some good savings, isn’t it worth it?

 

Interested in starting a savings plan? Send us an email at [email protected] or call 0700 CALL ARM for further assistance.

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