Document background
The Family Trust Agreement is a crucial legal instrument used in Nigeria for establishing and managing family wealth across generations. This document is essential when individuals or families wish to create a structured approach to asset management, wealth preservation, and succession planning. It encompasses detailed provisions for trust administration, beneficiary rights, and trustee responsibilities, all within the Nigerian legal framework, which combines elements of common law, customary law, and, where applicable, Islamic law. The agreement becomes necessary when families seek to protect assets, ensure efficient wealth transfer, minimize tax implications, and maintain family harmony in asset distribution. It includes comprehensive sections on trust powers, distribution mechanisms, and governance structures, making it suitable for both simple family arrangements and complex multi-generational wealth planning scenarios.
