Most Nigerians shy away from discussions centered around a Will. There seems to be a general notion that having a Will may leave a person vulnerable, exposed to danger or even lead to untimely death. This notion is wrong ab initio and the aim of this article is to confute this perception in order to enlighten members of the public on why it is essential to have a will.
A Will, also known as a Testament, is a legal document by which the devolution of a person’s (the testator) assets are clearly adumbrated. The testator states explicitly how he/she wants their assets to be shared or disposed of after his/her death. The Will expresses how a deceased person’s properties would be managed and the persons saddled with the responsibility of managing the estate.
Under Nigerian Law, two major types of Will are common, the oral and written. Oral wills are undocumented wishes of an individual made verbally and mostly recognized under native laws. On the other hand, written wills are regulated by statutes.
Here are some reasons why it is very important to have a written will
- It solves the problem of asset distribution.
- It helps to avoid unhealthy rivalry which leads to unnecessary court case
- It takes care of incidental matters such as funeral arrangements and how a burial should be done
- The usual bottlenecks associated with obtaining a letter of administration does not arise.
- A will appoints the executors and clearly states who the beneficiaries would be.
Requirements For The Execution Of A Will
- It must be written (typed or by hand)
- It must be signed
- It must have at least 2 witnesses
- Named beneficiaries and what each person would get
- There must be a property to be shared
- The testator must be of sound mind
- A will must be voluntarily made
See Section 4(1) of the Wills Law of Lagos State, 1990 for more details