CORPORATE TRUST: A VERITABLE TOOL FOR THE EFFICIENT ADMINISTRATION OF ESTATE IN NIGERIA
*Ademola Samuel Adeniyi
In 2009, I provided legal advisory services to executors of the Will of an eminent “Lagosian”. They required help in procuring probate for the estate of the deceased and we commenced the process immediately. We went through stages such as: form filing, rigorous property evaluation by the probate assessor; payment of the estate tax and; issuance of the probate letter.
However, it took us over 2 years to move from the property evaluation stage to payment of estate tax. I guess you are asking why? By the time the Government’s probate assessors confronted us with their evaluation of the deceased estate, it ran in to 2 Billion Naira or thereabout and; by virtue of the relevant law, 5% of the estate value is required to be paid as estate tax. So my…
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