FAMILY Archives · LEADWAY CAPITAL

4 THINGS TO CONSIDER WHEN CHOOSING A GUARDIAN FOR YOUR MINOR

leadwaycapital — Tue, 13 Aug 2019 10:00:03 +0000

Dele’s parents died in a car crash when he was 11 years old, he then had to move in with his aunt who maltreated him until he ran out of her house and started living on the streets to survive. Does this story sound familiar? Well, yes, and that’s because it was a frequently used plot in many Nollywood (Nigerian) movies we watched while growing up.

The truth is that, while you might feel like these movies are exaggerated, it’s actually some people’s reality. However, today we will not be exploring that “exaggerated plot”, instead, let’s create” a more realistic plot”. Imagine if you and your spouse passed away today (I am sure you just said Godforbid in your mind, that’s fine), and a friend or family member becomes the legal guardian to your children, but this arrangement doesn’t work out well. I am not talking about your children being mistreated, instead, something different like converting them to a different religion from the one you have raised them to follow or not being able to afford quality education for your children or having your children raised around people with poor ethical values.

I am guessing you have started thinking of other worse case scenarios in the event that the wrong person is appointed as the guardian of your kids. Truth is, there is no guarantee that even when you appoint a guardian yourself, that the person appointed may be perfect or even competent, however, your odds are much higher. The question now is, what should you look out for when choosing a guardian? Here are 4 things to consider:

1. Values:

You might have a good friend or family member whom you love dearly and who in turn loves your child just like his/her own, but what if the person is an atheist and you are a very religious person, do you then ignore your religion? You have to realize that a person might be great as a friend or family member but might not share the same values you believe is upright enough to raise your child. It is important to select someone who shares the same values as you and who would be a good influence on your child/ren. Kids get easily influenced and find it hard to get rid of habits they grew up with, and this is why you have to be intentional when choosing a guardian for them (PS: we aren’t asking you to be judgemental).

2. Age and Health:

While choosing a guardian, the health of the guardian should be an important factor because it is not advisable to appoint someone who has a terminal illness or a fragile health condition, or who even depends on other people to nurse him/her. You also have to consider age, if the person is too old, asking him/her to help raise your child might be strenuous and if the person is too young, the person might lack the necessary experience needed. Look out for someone mature enough and physically healthy to take on this responsibility.

3. Finance:

Yes, you do need to consider the financial prowess of the person you want to appoint as a guardian. Don’t get it wrong, we aren’t suggesting you choose the wealthiest friend or family member you have, instead, we suggest you select someone who wouldn’t feel the role would be too financially burdensome for him or her. Imagine appointing a guardian who currently struggles to pay his or her bills, adding a child to his or her responsibility will be an extra financial burden. Some of the things you can consider for finances are, does the person currently own his or her house? Does the person have a job with a steady income? Does the person have other family members dependent on him/her? Some of these questions would help inform you on whether the person in consideration might be able to afford this. Make sure you choose someone who would be able to afford the role without having to make any unnecessary financial sacrifices that may affect other people or areas in his/her life.

4. Willingness to accept the role:

This is actually the most important point of all. A person might check all the necessary boxes but if the person is not willing to accept the role, you would have to look for someone else. This simply means that you need to consult with whoever you want to appoint as a guardian first and find out if the person would like to accept such responsibility. One thing you need to also realise is, if someone rejects the role to be a guardian for your children, the person isn’t a bad person or your enemy. The truth is the person might have other things or priorities that he/she is possibly dealing with, which may prevent him/her from looking after your children as well as they would love to. Make sure you ask them for permission in a way that feels like it’s a request rather than leaving them feeling they are being cajoled to accept the offer.

Appointing a guardian is something that requires careful consideration, appointing the wrong guardian might have a negative effect on your children in the event that you are no more. Even after appointing a guardian, make sure you subtly study whoever it is just incase (s)he begins to exhibit certain traits you aren’t comfortable with, around your children. If you have more questions around this issue, we are more than happy to provide you with free consultation, kindly reach us by sending us a mail to info@leadwaycapital.com or you can call or WhatsApp us on 01 – 2801420 or 08129997204.

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4 Things To Do For Your Young Nigerian Family

leadwaycapital — Wed, 31 Oct 2018 13:38:40 +0000

For most adults in Nigeria, work is a necessary responsibility that we all do. It doesn’t matter the scale under which we earn a living; it could be through entrepreneurship or by working as an employee.

Earning a living gives fulfillment; nonetheless another underlying factor why many of us work is to provide for our family.

Every day, circumstances presents itself and these give cause to question whether you and your family are actually good enough in many respects.

If you’re thinking of things to do that can secure your young family’s future, these 4 points are for you;

Practice Balance –

You have to find a balance because it won’t find you. As much as you have to earn a living make sure you enjoy a lovely relationship with your family. Invest in family time, because after you retire from all of the hustle in the world, it’s your family you come back to.

Practice balance with your health too! Don’t neglect your health, eat healthy, exercise, go for regular medical checkups and rest well. As a parent or young adult you have to take good care of yourself especially for the sake of those that their lives will be messed up if you fall under the weather.

There should also be a balance on your finances as a family. There needs to be a stabilized spending habit to make sure the family never goes into debt. As a rule of thumb, you should always spend less than you earn every month. So you will need to be firm on not buying things that add no value to your family.

Ensure you save (Emergency funds are important) –

You must have heard this phrase time and again ‘Save for the rainy day’. As much as you could overlook it, here’s why you shouldn’t. A healthy savings is what you can rely on should an urgent need arise. With this you don’t have to go borrowing and be at the mercy of others.

How do you accumulate this savings you may ask?Firstly, you find out the average monthly expense made by your family. If your family spends an average of N100, 000 every month, you should aim to have about N600, 000 in your emergency savings account by 6 months. As time passes, you can increase this savings to cover 9 months or even a year’s worth of savings.

Allthese allow you something large to fall on in the event that you find yourself out of work for a period of time or having to pay for an unexpected bill.

It’s also important that you don’t confuse this savings any other savings you might have. This is strictly for emergency purposes.

Secure a good future for them

Don’t take chances. Don’t get drowned in all of life’s activities that you forget the future of those who ultimately rely and depend on you and your income.

We advise that a well detailed estate plan be made so as to secure a future for your dependants. When you take this step, their future remains unshaken. Find time to speak with specialists in the service area of Wills and Trusts, so they can set up a well-structured administration plan for the beneficiaries of your assets and properties.

These are actionable plans that you should think about. Imagine leaving a legacy of wealth to your next generation. For more information on estate planning, call us on 01 – 2801420 or send us a message here and we’ll be happy to help as always.

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HOW TO AVOID FAMILY FEUD AND FIGHTING AFTER THE PASSING OF A LOVED ONE.

leadwaycapital — Mon, 09 Jul 2018 03:12:40 +0000

Family is very important as it provides its members with love, support and foundational values. Indeed, a family offers and shares a very special bond for all. With everything that can be good also comes an ugly side. For as much as family members love and care for one another, fights over finances or inheritance are bound to ensue when a loved one passes on and no legitimate instructions were left behind. In Nigeria, you’ll have the case of siblings, uncles and aunties in a deep tussle over landed properties and other assets.

Avoiding these disputes that threatens peace within a family actually requires some methods which the loved one would have successfully put in place before passing on. Below are some methods we reckon will significantly reduce cases of family fights after a loved one is no more –

By instilling togetherness – For peace sake, you should be intentional and go all the way to ensure that your family lives in harmony while you’re still with them. Parents need to ensure basic things like love, forgiveness, empathy, obedience etc are imbibed in the minds of children from early ages.

Also, in the same way, little wealth management discussions here and there will help shape the perspectives of your family. Let them know how to reach your lawyer, accountant/financial advisor. By doing this, you will have greatly reduced any form of disputes that may occur in the future.

By clearly communicating your wishes – Avoid guessing that certain family members will look out for one another, people may change. One thing that won’t change though is if you had written a Will. A Will explicitly states the properties and assets you own and which of your loved ones or beneficiaries are entitled to take ownership of it when you’re gone. When doing this, it is advisable to be fair and consider the status of each beneficiary and which asset of yours will be beneficial to him/her. Writing a Will is a tried and trusted means to help avoid future fights when your inheritance is being distributed.

Consider complex families – In Nigeria these days, you have people who’ve been married more than once and with children from those marriages, siblings, step-siblings, cousins etc. The more complex your family is, the increased potential for bitter family members. If you don’t want a loved one or family member getting a piece of your properties and assets, you should put this in writing; otherwise one uncle from your faraway hometown can come to lay claims to your properties and assets. Not only does this deprive the rightful owners, it harbours hatred and confusion in the family.

Write a letter outside of your Will or trust, highlighting your thoughts, vision and expectations. Although, this is not a legally binding document, it can go a long way in bringing and restoring peace to your loved ones at a difficult time. In addition, if you have any personal items you feel will be significant to a loved one, let it be known to the recipient. For example, who gets your favourite gold bracelet, lace material, a piece of art or a yam pounding machine.

Be careful with handing down real estate – Instead of leaving all properties to your beneficiaries and having them co-own, how about leaving one building to one beneficiary and another building to another beneficiary. If you leave them to co-own all properties, they may be in constant tussle over management of the property.

Using the above methods makes life easier especially after the passing of a loved one and allows for less fights and feuds. Instead, your loved ones will be happy to cherish the good memories of you and will be forever grateful to you.

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