In Nigeria, wills are legal documents that allow individuals to specify and or direct how they want their assets and estate to be distributed after their death. Creating a will is an important aspect of estate planning, as it helps ensure that your wishes are carried out and that your loved ones are provided for. Here are some key points to know about wills in Nigeria:
2. Testator: The individual who creates and signs a will is referred to as a testator. The testator must be of sound mind, which means they must comprehend the purpose and implications of the will they are creating, in order for it to be legally binding in Nigeria.
3. Writing and Signing: In Nigeria, a will must be in writing and must be signed by the testator in the presence of two witnesses, at the very least. In the presence of the testator and one another, the witnesses should also sign the will. To prevent misunderstandings or disagreements, the will should be written in plain, unambiguous terms.
4. Beneficiaries: In their will, the testator can direct how their property and estate should be divided among beneficiaries, who may include family members. friends, nonprofits, or other organizations. Bequests can be both specific and general. For example, “I leave my car to my son, John” or “I leave 50% of my estate to my daughter, Mary” are examples of specific and general bequests respectively.
5. Executor: The testator may name an executor in the will, who will be in charge of carrying out the directives in the will. Gathering and managing assets, paying off debts and taxes, and allocating assets to recipients are only a few of the executor’s responsibilities.
6. Revocation and Amendment: While they are of sound mind, the testator may revoke or alter their will at any moment. This can be accomplished by writing a fresh will or by amending an existing will with a codicil, a legal instrument.
7. Probate: The will may need to go through the probate process after the testator passes away in order to confirm its validity and make sure it complies with the applicable laws. The legal procedure of administering an estate and allocating assets in accordance with a will or, in the absence of a will, the rules of intestacy is known as probate.
8. Legal Advice: To guarantee that a will complies with the relevant laws and to reduce the possibility of disagreements among heirs, it is essential to get legal guidance while drafting or updating one.