FAQS
CONSULTANCY
What is the interest rate?
10%, except for special funds that may have a lower interest rate.
Must I have a Collateral?
Yes, however, our Business Development Advisors can help advise you on what steps to take.
How can I get a loan?
Start by calling us on 01-2715215 or come and visit us at BOI House, 23, Marina, Lagos.
Who can apply?
Registered companies that provide the documents listed in BOI checklist.
What is the tenure of BOI loan?
Typically up to six years but this depend on the expected cash flow of the business.
Is there a moratorium for BOI Loans?
Yes, to cover the setting up period
TRUSTEES
What is a Will?
A will is a legal expression or declaration of a persons mind or wishes as to the disposition of his/her properties.
What is a Trust?
It is a legal entity created by a grantor for the benefit of designated beneficiaries under the law and a valid Trust instrument.
What is a Living Will?
A living Will is an agreement where the trustee holds the legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive.
What happens to the assets that are not mentioned in the Will?
The assets can’t be transferred in the Will, and instead pass under the terms of the deceased person’s customary law.
Does a Living Will need to be admitted into probate?
Property transfer into a Living Will death does not go through probate
Can I have a Living Will in addition to a Will?
You can have both a Living Will and a Will together. The Living Will takes effect during the life time of the settlor while a Will take effect on the demise of the testator.
Is a Trust legal and can it supersede a Will?
A living trust generally supersedes a will, but a will generally supersedes a testamentary trust.
Where is an ideal location for setting up a Will?
This depends on the location and the nature of the Trust assets. There is no model jurisdiction. You can prepare your Will anywhere and appoint Trustees from any part of the world.
Does a Living Will document ever have to be made public?
A living Trust is not made a public document unlike a Will that becomes a matter of public record when it is submitted to a probate court as do all other documents associated with probate. The terms of a living trust, however, need not be made public
Is a living trust an ideal estate planning instrument?
A living trust is an ideal estate planning instrument for the management of the assets of the Settlor during and after his lifetime.
Who are the parties involved in a Living Will?
There are generally 2 different parties named in a Living Trust document.
• Settlor (Grantor, Settler, Donor) – the individual or couple that establishes the Trust.
• Trustee – whose duty is to carry out the directives stated in the Trust Deed and responsible for managing the property that is titled in the name of the Trust.
What is an Estate?
An Estate consists of all the property, a person owns or controls which may be on his or her sole name. The Estate can be transferred to Trustees to manage.
