Wills

A Will or Testamentary document is a legal declaration by which the writer (Testator/Testatrix) names one or more persons (Executor/Executrix) to manage his or her possessions and provides for the distribution of those assets at death. Wills remain the traditional way of gifting property to loved ones. A man or woman who dies testate, i.e. with a Will, is better than one who dies intestate (without a Will). When a person dies without a Will there often arise problems and complications. This is because all the Estate will be administered by the State. Although the court system attempts to distribute the Deceased’s assets in a manner that is deemed fair to the beneficiaries, there is no guarantee that fairness would be achieved, and the assets will be given to your intended beneficiaries.

Also, when an individual dies intestate, it would be necessary to compile a list of the Deceased’s assets in addition to identifying beneficiaries to the assets. Unfortunately, until this administration process is complete, which could take months or even years, assets cannot be distributed, even to beneficiaries who have already been identified. By drafting a Will, an individual ensures that his or her belongings will go to the desired beneficiaries upon his/her death.

In Nigeria, the main types of Wills are Simple Wills and Comprehensive Wills As the name implies, a Simple Will specifies directives on the distribution of simple assets while a Comprehensive Will details more complex assets and other instructions such as Guardianship Appointment for minor children and directives on a Testamentary trust arrangement (as may be applicable to some estates).

A Simple Will is a legal document that details the liquid assets of an individual. Liquid assets includes cash and other assets that are easily convertible to cash such as monies in bank accounts, and retirement savings accounts, money market instruments, life insurance policies, e.t.c. The Will specifies the outright distribution of the assets to the named beneficiaries. It is appropriate for working class persons whose assets are mainly composed of monies in the banks/retirement savings account and income earners.

A Simple Will can be easily drafted or completed as a form. 

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