Most people in African society does not understand the meaning and importance of a Will in the formal sense of it and due to this misunderstanding of the concept ‘will’, they seldom embrace or adopt its practice. But the question is; what is a will and why should anyone be advice to make one?

WHAT IS A WILL?

A will is a legal document that sets forth one wishes regarding the distribution of one’s property after one’s death. Will is a written document that specifies how your possessions are distributed after your demise and can designate guardians for young children. A will is useful because it allows one to declare their objectives exactly how they wish to. When there is no will from someone, it is the nation from where you belong to decides how your properties are given to your successors based on its regulations. This is regarded as dying intestate and the agreement that follows doesn’t always generate the consequences you want for your family. You can avoid this by having documents prepared that match your preferences. the notion by some people that writing a will is invitation of death is highly wrong and doesn’t have have logical prove. While writing a will is a way of setting your mind at rest since you through it appoints whoever you trust to handle and take care of your property after your death. More so writing a will gives you the opportunity to state all your assets and distribute them according to your desires,

REQUIREMENTS TO DRAFT A WILL:
Age: Anyone who has attained the legal age of maturity which in most part of the world is 18 is eligible to write a will.
Desire to write a will: An individual has the desire to form a will when he or she decides to implement a permanent transfer of property of their death at the time of signing.
Estate/Property disposal: the person who desire to draft a will ought to possess property capable of disposal between relatives.
Mental Stability: The writer must be of sound and stable mind, which means he must be conscious that he is signing a will and that it will have an impact.
Voluntary: A will should be freely constructed, the testator must not be forced or influenced or cajoled into writing a will. It is not legal if one is enforced to do so.
Signed and Witnessed: A will must be signed by the writer and the witnesses for legal confirmation to be legitimate. The number of witnesses is usually determined by the regional laws.
TYPES OF WILL

There are different types of will, and some f them are discussed below.
Statutory Will: A simple Will often referred to as a statutory Will, is typically appropriate for those with simple small assets. Since these types of wills are very generic and common, they are quite simple to put everything together in a short time.

Testamentary Trust Will: A testamentary trust will allows you to create trusts within your will, enabling you to set aside assets for specific purposes or beneficiaries. This type of will is particularly useful if you have minor children or beneficiaries who might require financial support over an extended period. Trusts can also offer tax advantages and protect assets from creditors, ensuring that your estate is managed prudently even after your passing.

Conditional Will: A conditional will includes specific conditions that must be met for the distribution of assets to take place. For instance, you might specify that a beneficiary will only receive their inheritance once they reach a certain age or accomplish a particular milestone. These conditions help you maintain control over the timing and circumstances of asset distribution, which can be particularly useful if you have concerns about the maturity or financial responsibility of your beneficiaries.

Holographic Wills: No other person is ever permitted to investigate a holographic Will. Since just a few countries accept holographic wills as legal papers, this is frequently not a viable or recommended option. A holographic Will is written in the handwriting of the deceased person, stamped, and attested by the testator. However, there are several drawbacks to this sort of will that must be addressed.
Deathbed Wills: The “deathbed wills” are also known as “oral wills” since they are generally spoken by the deceased moments before death. This type of Will could be spoken in front of a large group of people to ensure that it is carried out. On the other hand, certain states do not acknowledge deathbeds or oral Wills. They are regularly disputed, which could lead to a protracted court battle.
Joint or Reciprocal Wills: Reciprocal Wills can be written mutually by couples. In a reciprocal Will, the surviving spouse inherits the entire inheritance. A combined Will is a unified document outlining the wishes of both parties. These documents also include a list of beneficiaries who have been agreed upon by both spouses.
Pour-over Will: A pour-over Will is an alternative if you have a living trust where a significant portion of the deceased’s assets may be included in a living trust at the time of the death of the testator. The purpose of a pour-over Will is to transfer property to the testator’s trustee. Any wealth that remained in the testator’s physical possession on his deathbed is transferred towards the living trust from which it can be dispersed to beneficiaries.

WHY SHOULD YOU HAVE A WILL?

A will can confirm that your belongings are allocated according to your wishes. If you pass away without leaving a Will, the state will decide how your estate is dispersed. The precise proportion is specified by the property’s worth as per the state. The only method to guarantee that your wishes are carried out is to have a Will.
Your legal guardian is the individual in terms of handling your property. If you don’t name someone in your will, the law will do it for you. This individual is in charge of clearing your debts, terminating your accounts, deactivating your bank cards, and dividing your estate in either case.
With a will, you can choose who will manage and supervise the allocation of your property. Choosing a trustworthy and unbiased Executor gives you peace of mind that your wishes will be carried out.
The sum of legacy tax payable by the descendants after your demise may be reduced if your Will is carefully drafted. You can also give gifts and charitable donations, which can help offset the estate tax.
In the situation that both parents die, the Will functions as the formal guide for the custody of minor children.
Including your funeral arrangements in your Will relieves stress for family members and guarantees that your body is cared for as you intend.
In most cases, settling a property with a written Will is faster and less expensive.
Writing a will help prevent family members from fighting of engaging in legal battle over the property of the dead since he has put down in writing form the way and manner he wish his properties to be distributed among the families and friends.

How to Create a Will

Here are the steps to take to create a will.

First get a lawyer who is expert in Preparing a will to help you in preparing your will
Secondly decide on the assets that you want to include in your will.
Name your beneficiaries and the property each should receive.
Designate an executor. Ensure to get their consent first.
If you have minor children, appoint a guardian for them. Again, obtain their agreement beforehand.
Sign your will. Two witnesses to your signing are required in most states and some may require more.
Store your will safely. Consider a safe deposit box at your local bank and make sure your executor is legally authorized by the bank to access it.
Periodically review your will and make updates to it as needed.

Thanks for reading through this Article. I sincerely hope you find the content useful!