I just turned 50 and decided to adopt a child since I never got married nor have a child. This 3-day-old baby is God’s gift to me and while I want to be around for a long time to see her go to the university and even get married, I know I cannot guarantee it. I’m not a prophet of doom but as a realist, I want to take measures to secure her future mainly because my other two siblings and their children have greatly benefitted from me financially and they didn’t seem happy when I adopted a child.
Ayomide from Akure
Happy belated birthday and congratulations on your bundle of joy.
Your desire to secure your daughter’s future is applaudable and very responsible as people usually ignore the need to do so. They are either distracted by their day to day activities or are simply in self-denial of the fact that we are all mortals. Also, the fact that your siblings and their children sometimes financially depend on you is the more reason why you should take steps to secure your child’s future.
To efficiently and effectively secure your daughter’s future, you would require a structure that would ensure minimal exposure to any dispute arising from your extended family, considering their reception to your decision to adopt your daughter. Setting up a Trust could be a good beginning because it affords you the ability to make provisions for your daughter by transferring your assets to a neutral, unbiased third party known as a Trustee and name specific beneficiaries who would benefit from the Trust. This ensures the protection of your assets as they would only be made available to the named beneficiary or beneficiaries upon eventuality.
Other estate planning devices such as the Easy Will may also be drafted to complement the Trust. The Will may be necessary to transfer or dispose of your personal assets such as your bank accounts, pension, pieces of jewelry and personal belongings.
I felicitate with you once again Ayomide and wish you the very best in your endeavors.