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.
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