The Unseen Cost: How a Lack of Estate Planning Shattered a Family’s Unity

In the bustling city of Lagos lived a young tech genius named Olu. With his innovative mind and relentless determination, Olu built one of the most successful tech companies in Africa and amassed great wealth in the process. His days were filled with endless meetings, conferences across the world, and late nights at his office in the iconic Falomo Towers.

Outside of the demands of his business, Olu also maintained a close relationship with his family. Although he was not married, he did his best to support his loved ones financially with his resources and organized get-togethers whenever he was available. Unfortunately, amidst his busy schedule, one crucial task slipped through the cracks: creating a proper will and documenting the locations of his assets.

Tragedy struck on a solemn day when Olu unexpectedly passed away. The news shattered the hearts of his loved ones and left them with an immense burden. As the years rolled by, his grieving parents and siblings embarked on a desperate quest to uncover all of Olu’s hidden treasures. But the lack of a will and the absence of any documentation made this task seem insurmountable.

What followed was a relentless search fraught with frustration and disagreements among the family members. Each sibling had a vision of how Olu’s legacy should be managed, and the absence of clear instructions exacerbated their differences. They embarked on countless back-and-forths, each conversation pulling them further apart and tearing at the seams of their unity.

Time slipped away, and with each passing day, the value of the assets plummeted. The family’s failure to reach an agreement and elect administrators for the estate had unintended consequences — the assets depreciated, and their financial security withered away.

But it wasn’t just the monetary loss that cast a dark shadow over their lives. The constant bickering and strained relationships inflicted a deeper wound. The once tight-knit family now found themselves divided, their bonds weakened, and their love poisoned by greed and discord.

As they surveyed the wreckage of what was once a prosperous empire, a sudden realization dawned on them. The absence of a will and trust had not only cost them financially but had eroded the very essence of their familial unity. The years spent in futile pursuit of Olu’s scattered assets had taken a toll far greater than they could have anticipated.

In the end, they understood the importance of creating a Will, Trust or simply having an Estate plan, regardless of age or circumstance. They recognized that such simple acts could alleviate the burden on their loved ones and preserve the unity of their family.

Olu’s untimely passing and its aftermath serve as a timeless reminder of the value of preparing for the future and the enduring power of estate planning. It echoes a timeless lesson that the legacy we leave behind is not just about material wealth but also the unity and harmony of our families and loved ones. Let us endeavour to avoid the mistakes Olu made.

If you would like to discuss your estate planning options, please feel free to contact us at trustees@afrinvest.com or click here to share your details. Our trust advisors are prepared to help you compile a comprehensive plan that honours your wishes and puts your affairs in order.