A will is a legal document setting out the manner an individual intends his properties, assets, liabilities or inheritance to be maintained and distributed after his death. This article will briefly discuss in simple terms the importance/advantages of making a will, common myths surrounding wills, and the procedure for creating a will in Nigeria.
Why People Make Wills
There are various reasons for making a Will. Some people make Wills because they want to ensure their affairs are in order and to prevent conflict or disputes among family members after they pass away. A will can also be used to allocate properties and benefits to loved ones who are not family members. Making a will can save costs by avoiding the need for an application for letters of administration, and it can reduce inheritance tax liability. Additionally, a will can override customary laws and traditions that might otherwise govern property distribution of the deceased.
Myths/Reasons People Avoid Making Wills
Despite the benefits, many people avoid creating wills. Some believe that making a will signals that death is imminent. Others fear that a will could lead to conflicts among beneficiaries or suggest that one beneficiary is more favored than another. Some feel that the cost of making a will is too high. Another common reason people give for not making a will is that they are still in the process of acquiring more property and intend to make a will once they are done. This notion often stems from the misunderstanding that a will is final and unchangeable. In fact, a will can be altered, modified, or updated through a codicil, which is a supplementary document used to make changes to an existing will.
Creating a Will
It is worthy of mention that Under the Section 24 of the Wills Act, only a person who has attained the age of 21 years can make a valid Will. Meanwhile, under Section 3 of the Wills Law of Lagos State, an adult of 18 years can make a valid Will. One commonly asked question is whether you must be physically in Nigeria to make a will. The answer is no. You do not need to be in Nigeria to create a will in that will be enforced in Nigeria. A valid will must be in writing and must clearly identify the properties, assets, or liabilities to be distributed and the beneficiaries who will receive them. It is also essential to appoint trusted individuals as executors of the will; these are the people responsible for ensuring the will is carried out after the maker’s death.
If you are interested in learning more about Wills, or you intend to make one, you can contact us via email at info@towersattorneys.com.
Follow us on Instagram, X (Twitter), LinkedIn and Facebook.
