The need to have an efficient wealth succession plan cannot be
overstressed. The lack of it may lead to an erosion of the entire
wealth that has been built over the years. In study conducted on
wealthy Nigerian families, it was observed that only one family has
been able to transfer wealth to the third generation. Most of the
wealth that was accumulated by the first generation ended with
either the first or second generation. This could be attributed to
many factors such as absence of any deliberate plan that will
ensure succession, customary beliefs, procrastination, the belief
that wealth will transfer to the next generation seamlessly
etc.
Recent events such as the Covid-19 pandemic (which has led to
sudden deaths) has now heightened the need for individuals to
urgently begin to consider options for transferring their wealth to
the next generation in a sustainable manner. It should be noted
that there are various options that can be used to achieve this.
However,
