Celebrate Father’s Day With A Purpose: Shaping The Estate Plan For Your Family

Fathers Day

By Mofoluke Keshinro TEP

On this special occasion, we extend our heartfelt wishes to all fathers, honoring the invaluable gift you are to your families. Your unwavering dedication and guidance in running a harmonious household are truly commendable. As they say, a father is a girl’s first love and a boy’s first hero. This sentiment holds true in every sense. Furthermore, a father’s role transcends that of a hundred schoolteachers, as you impart teachings and values that enable your children to grow into responsible contributors to society.

Allow me to share a personal experience highlighting one of the countless life lessons I learned from my own father. He had a profound love for reading and possessed a unique ability to analyze various perspectives on any given matter. He never settled for a single viewpoint; instead, he broadened his horizons before arriving at a well-reasoned conclusion. This trait has become an integral part of who I am today.

A father assumes the position of an authority figure and leader within the family. Your influence and impact on values are immeasurable. Undoubtedly, the role of a father is both special and crucial.

Fathers are the guardians of their families. They provide unwavering support and serve as a pillar of strength. Fathers represent protection and security for their loved ones.

Given the weighty responsibilities fathers hold and the roles they embody within the family, it becomes imperative for them to ensure that their legacies endure long after they are gone. It is the duty of every father to create a comprehensive estate plan that enables their family to thrive seamlessly even in times of incapacitation or absence. An estate plan is undoubtedly the best solution.

Life is uncertain, which is why planning for the welfare, education, healthcare, and other lifestyle needs of your family should be your top priority.

Reasons Why Fathers Should Shape the Estate Plan for Their Families:

a) Pillar of Support and Provision: Fathers are seen as the primary providers and supporters of their families.

b) Leadership: As leaders, fathers steer the ship of the family and determine how its affairs should be conducted.

c) Breadwinners: Being the primary earners, fathers bear the responsibility of managing the family’s finances.

d) Preparation for Eventualities: Given their pivotal role, it is crucial for the spouse and adult children to understand what steps to take when unexpected circumstances arise.

e) Preserving Your Vision: Every father harbors desires and aspirations for their family’s future. Documenting these intentions safeguards against external influences dictating how your family should be managed.

Benefits of Fathers Creating an Estate Plan:

Provision: By creating an estate plan, fathers ensure that provisions are made for the smooth functioning of the family even in their absence or incapacitation.

Protection: An estate plan provides a safety net, preventing the grieving family from being directionless after their loss. It outlines how to carry forward the family legacy and meet financial needs.

Financial Planning: An estate plan takes care of funding the education, welfare, healthcare, and other lifestyle needs of the family, while also designating how other family affairs should be handled.

Administration of Assets: Executors or Executors/Trustees can be named in the estate plan to ensure proper management of assets.

Guidance for Minors: Guardians can be appointed for minor children, providing guidance and care in their absence.

Distribution of Assets: The estate plan stipulates the desired distribution of assets among beneficiaries, accounting for any special needs that may arise.

Business Succession/Philanthropy: If a father leaves behind a business, the estate plan can outline how it should continue operating, along with any philanthropic endeavors that should be sustained.

At ARM Trustees, we are experts in the Private Trust business, and we can guide you in creating an estate plan that brings you peace of mind. Contact ARM Trustees via email at [email protected] or call us at 0700ARMENGAGE (0700 2763 64243). For more information, visit our website at https://www.arm.com.ng/trustees/.

Celebrate Father’s Day with purpose. Shape your family’s future with an estate plan that ensures their well-being, preserves your legacy, and offers you peace of mind. Act now and let us help you embark on this important journey.

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