The Managing Director of FCMB Trustees Limited, Rita Imonieroh, has issued a stark warning to Nigerians that knowing a deceased person’s bank passwords or possessing their ATM cards offers no legal protection and is an inadequate substitute for proper estate planning through valid wills or trusts.
Imonieroh cautioned that families risk losing access to assets after the death of a loved one without structured succession arrangements, noting that many Nigerians spend decades building wealth but fail to put mechanisms in place to ensure smooth asset transfer to beneficiaries.
Brandspur Banking News Desk understands that Imonieroh made the remarks during an episode of the Drinks and Mics podcast hosted by Ugo Obi-Chukwu, where she described estate planning as the critical bridge between wealth creation and wealth preservation.
To illustrate the consequences of poor succession planning, she recounted the story of a widow who continued operating her late husband’s accounts using his passwords and ATM cards after his sudden death, until a bank teller informed her that she could not access the account without either her husband or a valid will.
The widow was subsequently left struggling to meet everyday financial obligations including school fees and rent, demonstrating the vulnerability of families who rely on informal access arrangements rather than legally recognised succession documents.
Imonieroh also referenced the estate planning structures of the late pop icon Michael Jackson, whose 2002 will transferred his assets into a family trust for the benefit of his mother and children, though a proposed $600 million deal involving his music catalogue later sparked family legal disputes.
She explained that the administration of a trust is governed entirely by the trust deed established by the settlor, which stipulates the powers, instructions, and intentions of the individual creating the trust.
Trustees are legally bound to manage assets strictly in accordance with those instructions and cannot arbitrarily enrich themselves through trust administration, with trustees in Nigeria typically earning only agreed fees or a share of income generated from managed liquid assets.
Imonieroh also clarified the distinction between trustees and protectors, noting that protectors serve as oversight figures ensuring trustees act in accordance with the trust deed and the wishes of the settlor.
Estate planning professionals emphasise that wills and trusts are not exclusively for the wealthy, with anyone holding savings, investments, property, dependents, or specific asset distribution wishes potentially benefiting from having an estate plan.
The absence of a clear succession plan can leave families facing legal hurdles, delayed access to funds, and uncertainty during periods when financial stability is often most needed.
