It is true that a will become active after the death of the testator and you probably imagine yourself getting very old before thinking of death, so you are deferring to do a will now. You are not alone in that thought. The truth is no one like to contemplate their own death or that of a loved one. In the same vein, no one is immune from aging.
However, a will is more about protecting your investment and making sure that it is in the hands of a suitable manager than it is about death. Think of it rather, as the investment you are making for those who will be left behind when you are no more.
A will refers to a legal document that permits a person, known as the testator, to set forth his or her wishes regarding the distribution of their estate. There is no difference between a will and a testament.
“Prior to now,” says Ifeoma Emejiaka, a legal practitioner, “Common law defined a testament as an instrument disposing of personal property. A will on the other hand disposed of real property. Over time, a will is seen as playing both roles of disposing real and personal property.”
Someone who died without a will is perceived by law as dying interstate. In that regard, the distribution of the estate will be according to the laws of descent and distribution of the state in which the person resides. “A will may also be ruled invalid if the testator is seen to have made it under undue influence, fraud or mistake,”
“When you think about leaving what you have laboured all your life to laws and at the state’s discretion, you will think twice about writing a will. It is so important that everyone has a will. It gives you peace of mind to know that when you are no more, those you are leaving behind have an anchor they can lean on.” Emejiaka notes.
The person you grant the power to manage your affairs if you are unable to do so, is the “agent” or the “attorney in fact.” For him or her to be able to act in your best interest at all times and in accordance with your wishes you must choose wisely.
It is a vital financial management decision to make when your mind is still lucid and alive. Actually there are three criteria that validate a will and all of them are tied to the clarity of your mind. They include the ability to understand the facts and main choices involved; weigh up the consequences of the choices; and communicate your decision.
Making an early will also gives you the opportunity to revise it if there new developments that necessitates a change. This is why it is recommended that you seek the services of an attorney before you make a will. An attorney will help you decide whether your agent is competent, trustworthy and willing to take on the burden of your affairs and financially secure.
If you do not have a living relative, an attorney can help advice on what to do.
Frank Eleanya
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