Setting up a Trust in Nigeria
A trust is an arrangement where a person’s gives another party the legal right to manage his/her assets for the benefit of another person. A trust can be a property, a bond, mutual funds or even stock.
To set up a trust, the first step is to;
- Appoint a trustee. A trustee can be a company or group of individuals or an individual or a firm.
- State the type of trust you are interested in. There are various types of trusts such as private trust, corporate trust and public trust.
- Transfer the assets to the trustee. This is an important aspect and it can either be a revocable or an irrevocable trust.
The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.
Chat on WhatsApp