WILLS and testament are the major instruments of succession, Barr. Olaolu Olugbodi of Olaolu Olugbodi Law Practice stated in his presentation at the training of understanding succession, which was organized by The Law Ville.
Olugbodi, who examined the definition of wills and the type of wills, discuss the testamentary capacity and restrictions on the testamentary freedom of the testator, which include: Customary Law, Islamic Law, and reasonable financial provision, coupled with the issue of personal representatives, their appointments, duties, and liabilities of a personal representative.
The legal practitioner, in his presentation, highlighted the importance of having a will in place to avoid pandemonium and unnecessary costs and financial inconvenience on the family of the deceased.
In a related development at the event, Mr. Femi Olowu, of ARM Investment Managers, while speaking at the event, explained the services of their organization in relation to succession which includes: Trust Funds of various categories which are beneficial to the public.
On his part, Mr. Lasisi Adio, in his own presentation, harps on corporate succession which is mainly the art of structuring a business as an entity for investment and inheritance including but not limited to identifying and nurturing talents to ensuring business continuity.
Participants at the occasion lauded the training as educative and insightful on the concept of both personal and corporate succession.
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