THE ROLE OF FIDUCIARY ACCOUNTANTS IN ESTATE PLANNING
ABSTRACT
This study explores the role of fiduciary accountants in estate planning, focusing on wealth preservation, tax efficiency, and compliance with legal requirements. A survey design was employed to collect data from fiduciary accountants and estate planners, providing insights into their practices and challenges. The sample size, determined using Taro Yamane's formula, was 360 from a population of 7,000 fiduciary accountants in Lagos, ensuring statistical accuracy. Lagos was selected due to its high concentration of high-net-worth individuals and estate planning activities. The survey instrument achieved a reliability coefficient score of 0.86, indicating its reliability. Findings reveal that fiduciary accountants play a crucial role in estate planning by ensuring tax efficiency and compliance, though they face challenges related to evolving tax laws and client expectations. The study recommends continuous professional development and collaboration with legal experts to enhance the effectiveness of estate planning services.
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