LAST WILL AND TESTAMENT: The Need to Write a Will
Writing a will is a topic that many people tend to put off until they feel more settled in life, assuming they have the luxury of time on their side. However, the reality is that life can be unpredictable, and none of us have control over when our time will come. It is for this reason that writing a will should be considered a priority, regardless of your age or current circumstances. In this article, we will explore the advantages of writing a will and the procedures involved in doing so, ultimately stressing the importance of this legal document for securing the future of your loved ones.
First and foremost, writing a will allows you to have a say in what happens to your assets and belongings after you pass away. Without a will, your property and possessions may be distributed according to the state laws of intestacy, which might not align with your wishes. By explicitly detailing your desires in a will, you can ensure that your possessions are distributed as you wish, leaving no room for misunderstanding or disputes among family members.
Furthermore, a will provides the opportunity to appoint an executor, someone you trust to carry out your wishes and oversee the administration of your estate. This individual is responsible for locating and managing your assets, paying taxes and debts, and ultimately distributing your estate as specified in your will. By designating an executor, you can ensure that your estate is handled by someone you trust, relieving your loved ones of the burden of making these critical decisions during a time of grief.
Another advantage of having a will is the ability to name a guardian for your minor children. As a parent, it is important to consider who would be the most suitable person to care for your children in the event of your untimely demise. By officially appointing a guardian in your will, you can be rest assured that your children will be cared for by someone you deem responsible and capable.
Now that we have established the advantages of writing a will, let’s briefly discuss the procedures involved in creating one. While it is possible to create a will without the assistance of a lawyer, seeking professional guidance can ensure its validity and accuracy. To begin, compile a comprehensive list of your assets and liabilities, including bank accounts, properties, investments, and debts. Next, identify your beneficiaries, those who will inherit your assets, and specify the portion each will receive. If you have minor children, name a guardian for them as well as an alternate guardian in case your initial choice is unable or unwilling to assume the responsibility.
Upon organizing your assets and specifying your beneficiaries, it is essential to execute the will correctly. This typically involves signing the document in the presence of witnesses who are not beneficiaries and therefore have no personal interest in its contents. Laws regarding the number of witnesses required may vary, so it is important to research your jurisdiction’s specific requirements to ensure that your will is deemed valid. Typically in Nigeria, two adult witnesses are required to validate the execution of a valid will.
Once your will is executed, it is recommended to review it periodically, especially when significant life events occur, such as the birth of a child, marriage, divorce, or the acquisition of substantial assets. Regularly updating your will ensures that it remains relevant and reflective of your wishes.
In conclusion, writing a will is a crucial step in securing the future of your loved ones. By clearly stating your wishes and providing instructions for the distribution of your assets, appointment of a guardian, and designation of an executor, you can bring peace of mind to yourself and your family. While it may be a task that many put off, it is essential to prioritize writing a will to protect your loved ones and ensure that your assets are distributed according to your desires.
ΑBIODUN OLUFOTE. Esq. BL, ArbMed
Real Estate Consultant & Media Law
Mobile: +234 8038462700
Email: olufoteabiodun@yahoo.com
