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The Importance Of Drawing Up A Will
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This is the final post in a series aimed at equipping you with the knowledge and skills to enable you to make more informed decisions about your finances and lifestyle. Please read the previous post here http://bit.ly/1se88N4
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A will is a document containing an individual’s instructions and wishes as to how the property and assets of the person are to be distributed after death. If death occurs without a will in place, i.e. intestate, where the assets are located in Nigeria, customary or state law will govern the distribution of your assets. This may not be what you want and can result in your surviving spouse, family and friends suffering unnecessary financial hardship and emotional stress

Do you often wonder why you should have a will at your early age, and is all you have worth being put in a will document?

A lawyer can draw up your will or even an official Trustee. (See www.stanbicibtctrustees.com)

Sometimes, if you have very few assets you may need to appoint an alternative person to wind up your estate. This person is called an executor and will be the one who will ensure everything that is written in your will happen as you said.

You need to make sure that your family knows about this person and he or she should be named in the will. Below are some important information you should know about a will:

• You must be 18 years and above (except a Sailor or crew of a commercial airline at sea or in the air)
• A will must be voluntarily made and written down
• You and your witnesses must sign every page and every alteration(s) made to the document and you must initial each and every page.
• It must be dated.
• Get advice from experts.
• If you have younger children you must nominate a guardian for them.
• Choose an executor, this should ideally be a company as this guarantees perpetual succession and expertise.
• The witnesses cannot be beneficiaries of a will.
• Review your will every year or as your circumstances change so that it accurately reflects your current wishes

A will is not only for people who have reached a certain age when death is considered ‘not far away’. People die at any age and a will is needed, especially if you have assets and property that should be allocated to persons who you wish to give them to.
1 Comment
Similo Zazini
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I need to draw up a will so I need your assistance.