Crying from the grave: Trust's resonance in inheritance tales
No Thumbnail Available
Date
2024-02-07
Authors
Oni, B.A.
Journal Title
Journal ISSN
Volume Title
Publisher
University of Lagos Press and Bookshop Ltd
Abstract
Nature dictates that everyone must die1 . In other words, death is inevitable. The question is, what happens to the properties acquired during the lifetime of a deceased person? Usually, when a person dies, the properties that are left behind should be distributed to persons alive by way of succession or be managed by the representatives, i.e., Executors or Administrators, depending on whether a deceased dies testate or intestate. It is not in doubt that we work hard to acquire properties both real and personal with little or no plan for what becomes of those properties when we die, while alive we like talking about how many houses, vehicles, jewellery we have or our intention to acquire same. We hate to discuss the natural process of termination of existence, the end, death and its related effects on our loved ones. This fear of death results in an unplanned estate, with consequences of birthed hatred, litigation and destruction of family cohesion when the owner of the property is no more. The Latin maxim, res ipsa loquitur, encapsulates what becomes of us when life’s course is altered by death, retirement or some unforeseen events.
There are many estate planning mechanisms with varying degrees of complexities and limitations. These include Wills, Trusts, Gifts, Power of Attorney, Succession by Contract and naming a beneficiary for life insurance, retirement accounts, securities and bank accounts, among others.
It is my view that whatever estate plan one adopts, there is an application of Trusts in it. The flip side is that the law still imposes an application of trusts on whoever takes charge of the properties of the deceased. Where there is none in place, the question is, can a trust be imposed to determine controls of our properties for the benefit of our loved ones? It is my contention that the deceased who has failed to have a proper estate plan while alive will continue to cry in his grave if the properties left behind are mismanaged after his or her demise. Madam Vice Chancellor, it is appropriate at this point to first understand meanings of Succession/Inheritance and Trusts.
Description
Oni, B.A. (2024). Crying from the grave: Trust's resonance in inheritance tales. An Inaugural Lecture Delivered at the University of Lagos, Akoka.
Keywords
Citation
Oni, B.A. (2024). Crying from the grave: Trust's resonance in inheritance tales. An Inaugural Lecture Delivered at the University of Lagos, Akoka.