In light of recent events surrounding the untimely passing of Nigerian music sensation, MohBad (Ilerioluwa Oladimeji Aloba), human rights lawyer Pelumi Olajengbesi has emphasized the critical need for celebrities and entertainers to take proactive measures to protect their assets and loved ones from potential disputes and financial challenges after their demise.
The demise of MohBad on Tuesday and the subsequent burial ceremony the following day have brought to the forefront a disturbing family feud over the ownership and distribution of the deceased artist’s estate. Social media has been flooded with videos depicting the turmoil among his relatives.
Olajengbesi highlighted the urgency of careful estate planning for celebrities, stating, “The recent untimely passing of Nigerian musician MohBad has once again highlighted the importance of celebrities taking proactive steps to safeguard their inheritance and protect their loved ones from nosy and contentious family members.”
To ensure that their assets, including financial holdings, properties, and intellectual property rights, are protected, Olajengbesi advises celebrities to begin by hiring a qualified lawyer. This legal professional is not only essential for drafting and proofreading contracts but also for creating a legally valid will that outlines the distribution of assets, specifying beneficiaries, particularly spouses and children.
Furthermore, within the will, it is advisable to appoint a trusted individual as the executor. This person is tasked with ensuring that the celebrity’s wishes are carried out impartially and fairly.
Trusts are another valuable tool Olajengbesi recommends for protecting assets and controlling their distribution over time. This is especially crucial when considering the welfare of minor children or beneficiaries who may not be equipped to manage significant sums of money immediately. Trusts provide a structured approach to provide for loved ones while minimizing the risk of misuse or disputes.
Given the dynamic nature of life, Olajengbesi stresses the importance of periodically reviewing and updating wills, particularly after significant life events such as marriages, divorces, or the birth of additional children. Keeping the document current ensures that it accurately reflects the individual’s wishes.
To navigate the complexities of Nigerian inheritance laws and ensure compliance with legal requirements, consulting with a qualified attorney specializing in estate planning is imperative. Legal experts can offer personalized guidance and help celebrities avoid potential tax implications.
Financial education within the immediate family is another critical aspect of estate planning. Celebrities should openly discuss their inheritance plans and financial matters with family members to prevent misunderstandings and disputes in the future. Transparent communication can help manage expectations and maintain family harmony.
To safeguard personal and financial information from prying eyes, Olajengbesi advises celebrities to involve a trusted financial advisor who can discreetly and confidentially manage their assets.
Moreover, enlisting the services of financial advisors and estate planners can help celebrities manage and protect their assets during their lifetime and beyond. These professionals offer invaluable guidance and ensure that assets are handled efficiently.
In conclusion, Olajengbesi extends condolences to MohBad’s family and urges his wife to seek legal advice promptly to shield herself and their son from potential disputes arising from extended family members’ greed. Olajengbesi emphasized that by creating a well-drafted will, seeking legal counsel, and implementing measures to facilitate a smooth transition of assets, celebrities can leave a lasting impact and provide for their families even after they are gone.