I lost my dad some time ago, he died testate (had a valid Will). In his Will, he stated his property and his bank account. In the process of getting the Grant of Probate from the probate court to get access his money in the bank as stated in his Will, We were made to understand that an Estate or Inheritance Tax of Ten percent (10%) of the value of his properties and bank accounts will have to be paid to the Government as Tax before we can get the Probate letter to access to his money he left for us in the bank.

Let look as this, say my dad have a building in Ikoyi worth N50million and N500k in his bank account, say in First bank. For us, the executors to have access to dad’s N500k he left in the bank for us as stated in his Will, are we now supposed to pay as Tax N5.05million? (10% of the worth of his house and money in First bank)?

Any lawyer or anybody that has a better explanation to this scenario or had similar experiences should please explain to me because this does not make any sense to me at all.

Thanks.




Cc; Lalasticlala

Anyone....