Legal and financial experts are warning that estate planning remains one of the most overlooked aspects of family life in Nigeria, often leaving households vulnerable when ageing parents become incapacitated or pass away without a clear plan in place. Estate planning, which involves organising and managing assets during a person’s lifetime and determining how they should be transferred after death, typically requires instruments such as wills, trusts and powers of attorney. These measures are designed to preserve wealth, protect dependents and minimise disputes among beneficiaries.
In many cases across the country, the sudden death of a breadwinner without a properly prepared will has sparked bitter court battles, fractured family ties and, in some instances, the loss of hard-earned property and investments. Analysts note that as health risks increase with age, advance planning becomes even more critical for parents who want to secure their families’ future and maintain peace among relatives.
A valid will remains the most common starting point, spelling out how assets such as homes, bank accounts, pensions, vehicles and personal belongings should be distributed. For more complex estates, particularly where there are multiple spouses, young children or vulnerable dependents, trusts provide a structured means of managing and disbursing wealth through licensed trust companies. These institutions, regulated by the Securities and Exchange Commission, are legally bound to administer assets in line with the wishes of the settlor.
Specialists also stress the importance of naming beneficiaries on retirement savings and insurance policies, as well as granting power of attorney to a trusted representative who can make financial or medical decisions if the parent becomes incapacitated. Keeping an updated record of assets and liabilities is equally essential, since it provides clarity for executors and prevents disputes when property or debts come under review. Parents are further encouraged to document their funeral preferences, which, though deeply personal, can reduce arguments among surviving relatives at a difficult time.
Legal practitioners argue that proper estate planning could significantly cut down on inheritance-related lawsuits, strengthen intergenerational wealth transfer and prevent the erosion of assets through mismanagement or opportunism. They emphasise that planning should not be seen merely as a reminder of mortality but as an act of responsibility that spares families confusion and conflict.
“Estate planning gives elderly parents peace of mind and offers their families the clarity they need to manage the future with dignity and harmony,” one expert observed, noting that the process, when handled correctly, ensures that a parent’s true wishes are respected while dependents are adequately provided for.
