FAQs 2019-02-10T09:21:11+00:00

UTL is a private limited liability company engaged in trusteeship business and fund/portfolio management.

No, they are not. UTL Trust Management Services Limited was formerly Union Trustees Limited.



Convenient access and Updating of Will.

Access to professional advice and guidance.


Estate Wealth Continuity through investments.

Our services range from Corporate Trusteeship, Public Trusteeship and Private Trusteeship.

A Will is a written declaration by which a person (the Testator) directs how his assets (Estate) is to be managed and distributed among persons (beneficiaries) upon his/her demise.

A valid Will complies with these requirements;

  • It must be in writing; it may be typed, printed, handwritten or any combination of these.
  • Signed by the Testator; Signature may be an initial, rubber stamp name/signature, a full name. The signature must be what is intended by the testator and it must be complete.
  • Attestation; The signature of the Testator must be made or acknowledged by him in the presence of at least two witnesses who must be present at the same time. The minimum number of witnesses is Two and there is no limit on the maximum. Note that a witness who benefits under the will loses any benefit taken. Same applies to a spouse of the witness (Not one who marries a witness after attesting to the Will).
  • The maker must be of a legal age.
  • Must be of sound mind

Is a directive made by a person (the nominator) to an individual or corporate that upon his demise, his funds in the organization should be paid to a particular individual (the Nominee).

Nominations are made in respect of funds of the nominator and not in respect of other assets. Where no nomination is made, the funds reverts to the Personal Representatives of the deceased. Like Wills, it is ambulatory.


There are certain factors which will make a Will made by a person valid;

  • The Testator must be of age approved by the relevant law.
  • Mental Capacity; A Testator must have the required mental capacity to make a Will. The test to determine is succinctly described thus;
    • The Testator must understand his/ her acts at the material time that he/she is giving out instructions and at the time of executing the Will.
    • The Testator must understand the extent of the property he/she is disposing.
    • The Testator must understand and know the beneficiaries and the manner the property is to be shared between them.
  • The Will must be in writing.
  • Must execute the Will voluntarily
  • The witnesses must be present when the maker signs his Will.

Are persons nearest in kin to the Testator and by rule of the applicable State law, would be by descent and distribution succeeds to an Estate if the predecessor dies intestate (without a Will). They may or may not be beneficiaries under a Will.

Is a person designated in a Will or Trust as being entitled to an advantage or benefit.

Is a person who makes a Will. A female is often referred to as a ‘Testatrix’.

If a person dies without a Will, then he is said to have died intestate.

An Administrator is a person to whom grant is given by the Court to administer the Estate of the deceased who died intestate.

An Executor is a person appointed by the Testator to gather, manage, and administer his/her Estate according to the Testator’s wishes stipulated in the Will. Executors may also be appointed to act as Trustees to the Will and they can act as such in both capacities.

A letter of appointment appointing UTL as your Executor should be made and forwarded to UTL. Upon receipt of same, a letter of acceptance to act as an Executor will be communicated to the Testator.

Appointment of an Executor of your Will is not compulsory. However, where an Executor is not appointed, the Court has the discretion to appoint an Administrator to gather and administer the Estate in line with the dictates of the Will.

What is required is medical evidence showing extrinsic proof corroborating the mental capacity of the Testator to be of sound mind at the time of making and executing the Will. It is done through attestation/certification on the Will.

No Stamp Duty is paid on a Will. All applicable fees are paid at the Probate Registry of the High Court of a particular State.

A Will is said to be registered if it has been filed and recorded at the Probate Registry of the High Court of a particular State.

A Will enables you to:

  • choose who will get your assets after your death
  • choose how your assets would be divided amongst your various beneficiaries
  • give specific items of property to specific people
  • appoint someone you trust to administer your estate, and
  • appoint a guardian for your minor children to ensure they receive the best care in your absence
  • plan your estate and tax
  • reduce stress on your family on your demise

Where one dies without making a Will (Intestate):

  • the Estate of the deceased will be under the management of the State,
  • your estate would be distributed by court appointed administrator in line with the statutory plan for intestate succession
  • distribution to your surviving spouse, children and relations will be in whatever manner the law of your jurisdiction specifies
  • you will not have the a chance to give assets to non-relatives or to exclude relatives
  • if you have no relatives, your property will go to the state rather than to a friend or charity of your choice
  • Beneficiaries of the Estate may be persons not intended by the owner.

The Administrators upon applying for Letter of Administration is given power to gather and administer the Estate of the deceased.

Probate is the legal authority granted to an Executor or Executrix of a Will to administer the Estate of the Testator after the Will has been proved and certified by the Probate Court as the authentic Will of the Testator.

Yes. Probate confirms the authority of an Executor. A grant of probate, validates and confirms the actions of an Executor. The Executor may not be able to perform certain acts except there is a grant of probate.

After you have executed your Will, you should store it in a safe location. It is stored in the Probate Registry with an executed and sealed copy in the custody of the Testator and/or the Executor. You can store it with your Bank, Solicitor. Inform your Executor where you have stored your Will.

A fresh Will and its consequence on the existing Will can be brought under Two Headings;

  • a)  A new Will, or
  • b)  A Codicil

Under (a), where major changes are made, the first clause in the fresh Will, will always revoke any old Wills and Testaments, thus making the current one the only enforceable Will.

Under (b), it is merely an amendment to the existing Will, thus making the existing Will still subsisting.

A codicil is a mini and supplemental Will by which the testator adds to, alters, varies or revokes what is contained in his subsisting will. A codicil effectuates a change in an existing WILL.

When a Testator’s Will has been lost or destroyed or is not available, the Testator can apply to the Probate registry for a Certified True Copy (CTC) of the original Will.

A witness does not need to know the contents of the Will. He is merely attesting the execution of the WILL by the Testator.

Divulging the contents of the Will to the witnesses is totally at the discretion of the Testator.

When a Testator desires to withdraw/revoke a Will, the Testator is required to submit to the Probate Registrar of the High Court, the underlisted documents for processing the withdrawal/revocation of the said Will;

  1. A formal application written by the Testator applying for the revocation of the Will and stating reasons therein for the revocation.
  2. An affidavit deposed by the Testator stating reasons for the revocation
  3. The original receipt of the lodgement fee,

Upon submission of the above requirements, the processing of the withdrawal commences and may take some weeks for completion and withdrawal/revocation of the Will.

However, a Will may also be revoked by making a new Will, revoking the earlier Will.

A Will can be amended by making a Codicil.

You may need to make a Joint Will or separate Will passing your portion of interest in the properties to another person(s) upon demise (where each spouse has a certain (contributed) percentage on such property(ies)).

You and your spouse may create a joint Will or mutual Will, where you create one Will for both of you. When one spouse passes away, the surviving spouse retains the assets. However, the surviving spouse cannot make changes to the Mutual Will after the partner has passed away.

Some spouses write mirror Will in which each spouse has his/her separate Will, but the Wills are nearly identical to each other. This type of Will leaves everything to the other spouse.

No. However, it is advised that the Will be probated.

In making a Will, one can bequeath any of the underlisted assets;

  1. Real property, such as Real Estate, Land, and Buildings
  2. Cash, including money, savings accounts, and investments,
  3. Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property, royalties, patents, and copyrights
  4. Specific objects like cars, artwork, jewelry, and furniture, etc.

Thus, all assets of the Testator can be bequeathed except properties jointly owned with someone else. Nevertheless, your own share can be bequeathed.

For a Will to be considered valid, it needs to be executed in the presence of witnesses. The witnesses also need to sign it in the presence of all

You must adhere to following criteria when executing your Will:

–  Be of sound mind;

– Have your Will in writing

– Execute it voluntarily;

– Be over the age of 18 years

– Witnesses must be present when you sign your Will

In a Will, there is the rigor of probate and probate fee of 10% of the value of assets payable upfront. Further, a Will is a public document that could be accessed by any person and challenged in a law court while that of a Trust is the cost of creating, paying stamp duty and administering the Trust.

If a person dies intestate, the beneficiaries will have to obtain Letters of Administration from the court and go through the probate process which involves the payment of 10% of the value of the Estate upfront.

There is a provision in the Trust documents for a PROTECTOR. This is the person to contact if something happens to the Settlor before reaching the listed beneficiaries.

You need a Will to plan and arrange your Estate if not for anything because of your loved one(s). It ensures your assets gets to the person(s) you actually have the intention of  giving them to. (A Will is a vehicle of Estate Planning)

Once you are above the age of majority (18yrs) you can have a Will in place.

A Trust is also a vehicle for Estate Planning. You need a Trust because it starts operating while you are alive and it keeps your loved one(s) away from the rigor of probate when you pass on, unlike a Will.

Yes, it does protect your loved ones. A Trust is a legal arrangement and it is confidential.

Having a Will does not mean you will die. It only helps you arrange your affairs in case the unexpected happens.

A fiduciary duty is the highest standard of care at either equity or law. A good question to ask might be, “Are you a ‘Fiduciary’ and thereby legally obligated to work only for me, the client, or are you a ‘salesperson’ and only obligated to meet a sales suitability standard?” True advisors are not and never should be sales people. UTL Trust Management Services Limited is held to this fiduciary standard and always acts in the best interest of their clients.

Trust –  To begin developing trust in your investment manager, you should be able to ask them about their experience, expertise and credentials.

Competence – There are no shortcuts in knowledge and analysis. Therefore, our investment and trust managers have extensive education, training and experience in the area of investment analysis/management, trust administration, etc. As a result of our experience, UTL Trust Management Services Ltd believes risk control via strategic diversification among different asset classes, minimizing fees and tax consequences associated with investing, and understanding our clients’ objectives are critical to investment success.

Accessibility – A criteria that is often overlooked that should be a primary factor to look for is timely access to the investment manager of your account. Frustration can set in when your manager cannot answer the questions you have about the investments in your portfolio. As a boutique investment firm, our clients have direct access to their portfolio managers. Rather than being two or three persons removed from the investment professional performing analytics and making the investment decisions, your private financial advisor at UTL Trust Management Services Ltd can provide you with thorough and logical explanations to your questions in a relaxed setting.

We are regulated by the Securities and Exchange Commission (SEC).

An Investment Policy Statement (IPS) is a written document which states one’s investment philosophy, goals, guidelines, and constraints to be adhered to with respect to money management. Every investor should have one but only a competent advisor is likely to be able to make sure the IPS created does what it is supposed to do.

When you decide to invest, the timing of the investment should depend primarily on your own personal circumstances and your investment objective. You should take into account such factors as your current income and expenditure, your age, family circumstances and lifestyle expectations.

The WillPower application uses your UserID as a unique identifier used to identify you and your account. It is your username which you will use to login to the application at any time.
No. The middle name is not compulsory. Only your first and last name s are mandatory for registration on WillPower.
WillPower accepts phone numbers using the following number format (8034567890) removing the first zero (0).
Please check the email address you registered with. One Time Passwords are also sent to your registered email.
Please check the inbox of the email you registered with. If not in your inbox, also check your junk folder or spam folder. Make sure to mark emails as “not spam” so they will appear in your inbox.
The WillPower application will only allow the following parameters for password creation; minimum of 8 characters with at least 2 numbers and 1 symbol.
During the application select “Other” religion when the application prompts you for your practicing religion.
To change calendar date, click on the calendar icon, click on the year to change the year or month to change the month. Use the up and down arrow keys to browse through the values.
Making UTL your executor will empower UTL to keep a copy of your document for you, so you can modify it later at a reduced rate/cost.
UTL will send you regular reminders to update your will or trust.
When you make UTL your executor/trustee, on request, a physical copy of the probated/stamped document can, on request, be sent to you.
In Executor Details Palette just select “YES” to make UTL Trust Management Services your executor or Trustee. Leave all other fields blank.
By Nigerian law, a testator can appoint a minimum of 1 corporate Executor or 2 individual executors.
It is not compulsory but if you have had prior negotiations with your executors and have come to an agreed remuneration for the service, enter the value in the executor compensation screen.
The RSA Will is a will that one should use to distribute Liquid assets only. i.e. Retirement Savings Account, Cash Accounts, Gratuities, Life Insurances and other employment related entitlements.

Simple Will is a will used for distribution of ALL ASSETS i.e. It comprises the liquid assets and physical assets like Land, Houses, intellectual Properties, jewelry etc.

When you start out in life, you get a good job that comes with benefits, a Retirement Savings Account, gratuity entitlements and Group life insurance…
All these; usually in error, are not considered assets on behalf of the testator leading to individuals not creating wills when they should. After demise most of these are forfeited and lost. We have thus created this to capture the liquid assets of individuals to ensure that they will be accessible to beneficiaries /family members unfettered. In other words, you don’t have to wait until you have lands, houses, cars, businesses before you create a will.
RSA Will is an estate planning vehicle for distribution of Liquid assets only. Liquid assets include; RSA (Retirement Savings Accounts), Employee benefits like pension plans, group life insurance, life insurance, cash accounts etc. They do not include real and personal property like land, cars, houses, jewelry etc.
Simple Will is an estate planning vehicle for distribution of all assets. Assets include; Real and personal property like land, cars, houses, jewelry etc. and Liquid assets like RSA (Retirement Savings Accounts), Employee benefits like pension plans, group life insurance, life insurance, cash accounts etc.
To share an asset among two or more beneficiaries, in the estate disposition palette, enter the asset on multiple lines one for each for each beneficiary, stating the amount or quantity you want each beneficiary to have in the Quantity field.
No. You do not have to fill the palettes in any particular order. You only have to ensure you have filled the all compulsory fields before completion.
The WillPower application will only allow the following parameters for password creation; minimum of 8 characters with at least 2 numbers and 1 symbol.
On the left there are icons to navigate around to different sections. The completed sections are marked in green and the incomplete sections are marked in grey.
Click on the blue information icon near the title of the palette for more information. Should you require more information or help, you can chat with our contact center live on the webpage.