WILL PREPARATION IN NIGERIA: ALL YOU NEED TO KNOW

Will Preparation in Nigeria: Essential Considerations and Steps

The preparation of a will is a crucial and often overlooked aspect of financial planning and estate management. In Nigeria, a will serves as a legal document that outlines how a person’s assets and properties should be distributed after their demise. Proper will preparation ensures that the wishes of the deceased are carried out, minimizes potential disputes among beneficiaries, and offers peace of mind to both the testator (the person making the will) and their loved ones. This article aims to provide a comprehensive guide to will preparation in Nigeria, covering essential considerations and steps to follow.

1. Importance of Making a Will

Creating a will is essential for several reasons:

1. Asset Distribution: A will provides a clear roadmap for distributing a person’s assets, including property, money, investments, and personal belongings, according to their wishes.
2. Family Peace: A well-drafted will helps prevent conflicts and disputes among family members and beneficiaries, as it eliminates uncertainties about asset distribution.
3. Minor Children: If the testator has minor children, a will can specify who will be their guardian, ensuring their well-being is protected.
4. Philanthropy: A will allows individuals to allocate a portion of their estate to charitable causes they support.
5. Tax Efficiency: Proper estate planning, including will preparation, can help minimize tax liabilities for the beneficiaries.

2. Legal Requirements for a Valid Will

In Nigeria, the Wills Act of 1837 (as applicable to Nigeria) outlines the legal requirements for a valid will. These requirements include:

1. Age and Mental Capacity: The testator must be at least 18 years old and of sound mind when making the will.
2. Writing: The will must be in writing. Handwritten, typed, or printed formats are acceptable.
3. Signature: The will must be signed by the testator or by someone authorized to do so on their behalf, in their presence and under their direction.
4. Witnesses: The will must be witnessed by at least two individuals who are not beneficiaries and who are present at the same time as the testator. Witnesses must also sign the will.

3. Essential Considerations

When preparing a will in Nigeria, there are several important factors to consider:

1. Assets and Liabilities: Compile a comprehensive list of assets, including real estate, bank accounts, investments, and personal belongings. Also, list any outstanding debts and liabilities.
2. Beneficiaries: Clearly identify the beneficiaries who will inherit your assets. Include their full names and relationship to you.
3. Executor: Appoint an executor who will be responsible for administering your estate according to your wishes. Ensure the chosen individual is trustworthy and capable.
4. Guardianship: If you have minor children, designate a guardian who will be responsible for their care and upbringing in case both parents pass away.
5. Specific Bequests: If you have specific items or amounts you want to leave to particular individuals or organizations, detail these instructions clearly in your will.
6. Residuary Estate: Address what should happen to any remaining assets (residuary estate) after specific bequests are fulfilled.
7. Contingency Plans: Consider potential scenarios where beneficiaries predecease you. Decide what happens to their share in such cases.
8. Tax Implications: Understand the potential tax implications of your estate’s distribution and seek professional advice if necessary.

4. Steps in Will Preparation

Follow these steps to ensure a well-prepared will:

1. Gather Information: Collect details about your assets, liabilities, beneficiaries, and any specific instructions.
2. Choose an Attorney: While it’s possible to create a will without legal assistance, consulting an attorney experienced in estate planning can ensure your will adheres to legal requirements and best practices.
3. Draft the Will: Work with your chosen attorney to draft the will, addressing all necessary elements.
4. Appoint Witnesses: Sign the will in the presence of at least two witnesses who are not beneficiaries. Witnesses must also sign the will.
5. Executor and Guardian Designation: Clearly name your chosen executor and guardian(s) in the will.
6. Review Regularly: Review and update your will periodically to reflect changes in your circumstances, such as births, deaths, marriages, or divorces.

5. Safekeeping and Accessibility

Once your will is prepared, signed, and witnessed, it’s important to keep it safe and accessible. Consider the following options:

1. Safe Deposit Box: Store a copy of your will in a secure location, such as a bank’s safe deposit box. Ensure your executor knows where to find the key.
2. Attorney’s Office: Many people choose to keep the original will in their attorney’s office, as attorneys often offer secure storage services.
3. Inform Executor: Make sure your chosen executor knows the location of the original will and how to access it when the time comes.

Conclusion

Will preparation in Nigeria is a critical component of responsible financial and estate planning. By carefully considering your assets, beneficiaries, and instructions, and adhering to legal requirements, you can ensure that your wishes are carried out, your loved ones are taken care of, and potential conflicts are minimized. While creating a will may seem daunting, seeking legal assistance and following these essential steps will provide you with the peace of mind that comes from knowing you have taken proactive measures to secure your legacy.\

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