• Friday, March 29, 2024
businessday logo

BusinessDay

No Will is simple

Will writing: Myths and misconceptions

Misconceptions on Will writing

Some people believe they do not have enough assets to write a Will. If they must write one, it must be a simple Will. Also, some people do not consider it important to use the service of a lawyer to write a Will. They believe they have online templates they can adopt in preparing a Will, and distributing their assets is simple.

These misconceptions have led to avoidable problems for the executors when obtaining grant of probate. Unfortunately, the maker of the simple Will who thinks he/she does not have enough assets to write a Will or does not consider the need for the services of a lawyer as essential is misguided and may not be acting in the best interest of intended beneficiaries.

Template/software Will vs lawyers’ Will writing

Some online platforms have affordable simple and generic templates that can be used by individuals to prepare a Will. Most asset acquisitions are by nature complex and usually require the involvement of experts such as stockbrokers, valuers, lawyers, etc. That one would now expect the proper distribution of these same assets to be effected using a simple and generic template will be unwise. While one cannot deny the complementary support of these templates and software, however, they cannot replace the value of professionals in the process.

First, a person’s asset may include any amount of monies in a bank, pension fund, shares, insurance policies, landed properties, digital assets, and others. The services of a lawyer in Will writing are not limited to just writing the Will. These services involve some steps and activities that may not be satisfactorily accomplished by non-professionals, a template or software.

The lawyer can investigate/trace the existence of some assets. Testators sometimes do not know or remember they own some assets and value of such assets. This is notorious for shares and dividends. Presently, the value of unclaimed dividends in Nigeria is in trillions of naira. Some Testators upon their death despite having a Will have unclaimed shares and dividends that were never included in the Will because they were not aware they had them.

A lawyer will gather all traced assets for the Testator to verify their existence. It is at this point that the Testator may know the true state of all his assets.

Following the confirmation of the extent of ownership of the assets, and the various legal or business activities, the lawyer will then give necessary advice, and implications of same that would help the Testator in transferring the asset to the preferred beneficiaries.

Thereafter would the Will be drafted and presented to the Testator to verify if it communicates his/her intent and purpose. This is followed by writing a letter to the probate registry seeking a date and time for the lodging of the Will. The reading of the Will is done after the death of the Testator.

The cost of a Will can vary depending on the peculiarity of the brief of the Testator

A simple Will is also called a basic Will. The cost of a Will can vary depending on the peculiarity of the briefs of the Testator. It can be affordable and drafted by a lawyer to specific needs of the Testator. If you write a Will by yourself or use of a template or software, there is a likelihood of omitting some fundamental legal requirements for a Will to be considered valid.

There may also be mistakes in appointing the executors, stating beneficiaries, transferring an asset, and other provisions to ensure the assets passes with the right intentions of the Testator. The wordings used in a Will may be simple. They may convey and imply much complexity than as it seems. Some assets may not even be transferrable by the Testator. A lawyer due to their professional training knows the right words to use to ensure that the Will is valid.

Read also: CBN warns Nigerians of illegal financial operators

A simple Will might not be enough

Simple Will provide enough coverage for most people. However, if you have a complicated estate or life situation like being divorced or remarried, having stepchildren or children from a previous relationship, having an estranged family member, owning a business, properties in multiple states, owning significant assets and wanting to reduce estate taxes, you might need more coverage than a simple Will provides.

Will requires legal expertise

All Will, regardless of how they are made, must go through the legal process of distributing your estate after you die. The probate process in Nigeria has been known to require some level of expertise that only a lawyer can provide due to the required documentation, speeding up of the process and others.

No Will is simple, no matter, the class or size of assets involved. Using template and software or writing a Will yourself may seem simple too. It is advisable to consider professional legal services which can be tailored to your specific needs and giving you the peace of mind that your assets will be passed on to your intended beneficiaries.

Adekola, a lawyer, writes from Lagos