I cannot give you the formula for success, but I can give you the formula for failure. It is: Try to please everybody. David Oswald
Do you remember Kobe?
Do you remember Kobe Bryant? He was the popular NBA legend (not Nigerian Bar Association but National Basketball Association, America) who died in an air crash in January 2020. My heartfelt condolences to his immediate family and the world at large for losing such a gem who was working auspiciously to raise another basketball gem in his daughter who died in the same autocrash!
Kobe Bryant apart from being a successful basketball player and business man was also a father and husband who cared for his household. His net worth was estimated at $600M (Six Hundred Million Dollars). He created a special trust fund for his wife and children in the year 2003, to take care of them in case of possible eventualities. He updated the trust fund periodically and made the last update in the year 2017, two years before giving birth to his last child.
At his death, his last daughter was excluded from benefitting from the trust fund. Not for paternity issues but because the last review made to the trust fund did not include the last child.
Many find themselves in the same situation. When last did you review that contract? When last did you update your testamentary documents (will). Do you even have one at all? The best way to become the arch enemy of a typical African is to advise him to make testamentary documents. Even at eighty years, the man will start avoiding you and warning his loved ones against you. “She wishes me death”, he will chorus about. What about the periodic regulatory reports and filings of which compliance is demanded?
A lot of entrepreneurs and individuals only get busy with the financial aspect of their businesses without thinking about these. This is what solicitors are to be tasked with. You may need to get a compliance and legal adviser to help you and your business as well. We ease that particular burden off our clients at Cherished Crown Chambers. Do the needful at the time needed!