At 30 years, Ola a Nigerian entrepreneur, has achieved remarkable success in a short span of time. He amassed considerable wealth through his innovative ventures and investments. Sadly, Ola's life was tragically cut short in a car accident. His untimely death sent shockwaves through his family, friends, and business associates.
However, the shock quickly turned into chaos as it became evident that Ola had not left clear and unambiguous instructions on how to distribute his vast estate. His family, in their grief, found themselves entangled in an intrafamily war over Ola's legacy. Unfortunately, Ola's legacy is now overshadowed by disputes, resentment, and uncertainty.
Nedu, a young and dedicated soldier, had a promising career ahead of him. Freshly graduating from the Nigerian Defence Academy, he was deployed to an insurgency-prone region. Tragically, less than a year after his deployment, Nedu's battalion was ambushed, and he lost his life heroically in the line of duty.
As his family grieved the loss of their beloved son and brother, they stumbled upon a surprising revelation. Nedu had been receiving a substantial salary as part of his military service, and the funds had been accumulating in his designated account. The family's discovery quickly turned into confusion and disagreement.
With no clear instructions or Will left behind by Nedu, the family found themselves at an impasse, unsure of how to fairly distribute his accrued wealth.
Alhaji Danko, a prominent 55-year-old business magnate, held a vast empire of wealth, both in Nigeria and abroad. He was known for his successful businesses, expansive properties, and substantial holdings in various companies. Alhaji Danko, however, strongly held a belief that discussing or preparing for his demise invited untimely death. As a result, he had never stipulated how his wealth and properties should be shared in the event of his passing.
Tragically, Alhaji Danko's life was cut short in a plane crash en route to a business conference in Paris. His death left a void not only in the business world but also within his family; with over eight wives and numerous children.
With no clear instructions or Will to guide them, his family found themselves in the midst of a contentious dispute and struggle over the distribution of his wealth and assets.
Since death is an inevitable occurrence, the above scenarios highlight the significance of estate planning and Wills, in securing ones legacy after demise.
A Will is a testamentary document made voluntarily and lawfully executed by a person called the Testator with a sound disposing mind, on how his estate will be disposed upon his death.
Wills and probate are crucial aspects of estate planning that often carry a significant cultural and social weight. In some parts of world, there has been quite a long-standing misconception that writing a Will at a young age is an ill omen.
Aside superstition, there is ignorance which takes the form and attitude of some persons who believe they have so many years to live, and they can live and enjoy life till a perfect time before they make plans to securing their legacy. The issue of lack of trust also fosters the undesirability of making Wills.
Contrary to superstitions and the issue of ignorance, creating a Will at any age is a prudent and responsible act. It allows individuals to specify how their assets should be distributed, ensuring that their loved ones are taken care of according to their wishes.
Without a Will, disagreements among family members can escalate into litigation, causing unnecessary stress and financial strain. It is important to point out that, while a Will may leave some members of family and even friends dissatisfied, the problems that arise from a person dying intestate; without a Will, far surpasses the issue of dissatisfaction.
As a Testator with children or dependents, a Will lets you appoint guardians and trustees to safeguard their interests, in the unforeseen circumstance of demise. A Will also offers the opportunity to leave a legacy by including provisions for charitable donations and other purposeful bequest.
When a person dies intestate, their estate will be subject to intestacy laws, which may not align with their preferences. Estate may be distributed arbitrarily, potentially leaving loved ones without adequate support.
While the process of writing a Will may seem daunting, it is a responsible and thoughtful act that provides peace of mind for you and your loved ones.
To begin, it is important to make a comprehensive list of your assets, including bank accounts, real estate, investments, and personal items of value. Next is to identify who you want to inherit these assets. Consider your family members, friends, charities, or any other individuals or organizations close to your heart.
While there are currently innovative ways to create a Will using online platforms and software, it is highly recommended to consult with experienced legal experts. They will provide legal expertise, ensuring that your Will complies with extant laws and relevant regulations. Since, the legal framework governing the drafting and validity of Wills varies amongst jurisdictions, an experienced legal professional will advise you on legal issues.
With the guidance of your legal expert, you will proceed to draft your Will. The Will must be clear, specific, and leave no room for ambiguity.
Also, in many jurisdictions, including Nigeria, a person must be above the age of minority before he can prepare a Will. The Will must be signed and witnessed by at least two individuals who are not beneficiaries or spouses. This helps ensure the authenticity and validity of the document.
After the Will has been drafted, copies are usually kept in safe custody, at the Probate Registry, with the legal professional or any other person. It is important to point out that, legal professionals hold very salient ethical duties to the Testator. From confidentiality, to disclosing or avoiding every conflict of interest.
While legal professionals may advise and make suggestions for the Testator, they must do this within the confines of law and not connive or make any disclosures to the beneficiaries or another third party.
After the demise of the Testator, the Will is produced in compliance with appropriate laws and read to the family of the deceased. In some jurisdictions, electronic Wills, are legally recognized. They are created, signed, and stored electronically and may require biometric authentication, video recording, or other security measures to prevent fraud.
In conclusion, by taking charge of your estate through a well-prepared Will, you can provide security, peace of mind, a lasting legacy for your loved ones and avoid the unfortunate situation as highlighted with the Ola, Nedu and Alhaji Danko's scenarios.Whether you choose traditional legal services or explore innovative methods, taking this step ensures that your final wishes are honoured, bringing peace of mind, regardless of life's uncertainties.