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Have You Written Your Will? by bizngr(f): 3:49pm On Jul 24, 2014 |
The discussion about death is one which everyone abhors, especially their own. But if you don't make plans on how you want to distribute your worldly wealth while you're still alive, you can leave a host of problems and hardships for your grieving family to sort out. Take the billionaire aviator turned recluse, Howard Hughes. It took 15 years of legal wrangling before his fortune was handed out among surviving family members because he hadn't bothered to make a will. Maybe he, like many other people, felt daunted or even afraid by the process - or was it the cost? But in reality, the business of making a will can be quite straightforward and it won't cost the earth provided you are aware of the major pitfalls. Here are our top ten tips on how to end up with the perfect will. 1. Choose who draws up your will wisely You can make your own will but this process is full of pitfalls and errors are easy to make. Lawyers make a lot more money sorting out badly drafted wills and dealing with claims against those wills, than they make for drawing up wills. It’s always advisable to employ the services of a reputable lawyer. 2. Choose your executors well Executors are responsible for exercising your estate in accordance with your instructions after you have died. It is a responsible and demanding role, and involves handling large sums of money. And don't forget to check that the people you choose are happy to take on the role. 3. Appoint a default or substitute executor If you are married, you will probably want your spouse to be your executor, but don't appoint them as your sole executor. If you both died together in a plane crash or a car accident, neither of you would have an executor living. Always appoint a default or substitute executor as a fall-back position in case your spouse is unwilling or unable to act. 4. Appoint guardians If you are the last living parent and you die leaving children under age 18, a guardian will be appointed by the court if you have not specified who this should be in your will. If you are unmarried but you and your partner have children, you might not even get guardianship of your children. If an unmarried man dies, his female partner automatically gets guardianship of their children, but if an unmarried woman dies, her male partner does not. You should appoint each other as guardians in your wills to overcome this problem. 5. Appoint trustworthy trustees This might sound obvious, but if you are setting up a trust in your will or if your beneficiaries could be aged under 18 when you die, you will need to appoint trustees. Trustees will be responsible for managing and investing money, or looking after property until it passes to the beneficiaries, so make sure they are people with a good grasp of financial matters - and that they are still young enough so they don't die before you do. 6. Make specific legacies If you want to preserve family heirlooms or items of special sentimental value, (for example, a grandfather clock, or a wedding or engagement ring), you should leave these items as a specific legacy to a named beneficiary. 7. Make sure you leave a residual legacy The 'residue' is what is left over in your estate after you have made any specific legacies. You must specify who this goes to, as if you fail to do so, you will create a partial intestacy in your will. In other words, the small gifts and legacies would pass according to the will, but the residue would be subject to the laws of intestacy. 8. Save tax with a trust Inheritance tax is becoming a burden for many families, particularly where the value of a property pushes the value of an estate above the nil rate band for inheritance tax. If you are married, you can include a discretionary trust in your wills, which could save your children millions of naira in inheritance tax at current rates. 9. Sign your will It's all very well having your will drafted, but if you don't sign it in front of two independent witnesses, it will not be valid. A witness cannot be anyone mentioned in the will or anyone married to anyone mentioned in the will. 10. Get it stored safely Once your will has been correctly signed and witnessed, have it stored in a proper safe storage facility. This will protect it from fire, flood, damage, or loss. Your executors will be provided with a certificate showing them where your will is stored and how to get hold of it if you die. Whatever you do – don't hide your will. Your will is no good to anyone if it cannot be found after your death. Source 9 Likes |
Re: Have You Written Your Will? by Kanwulia: 4:02pm On Jul 24, 2014 |
Since 20 years ago! |
Re: Have You Written Your Will? by shizzle11(m): 5:16pm On Jul 24, 2014 |
When i neva start life whish kain yeye will i wan write 9 Likes |
Re: Have You Written Your Will? by LaRoyalHighness(f): 5:21pm On Jul 24, 2014 |
Food for thought... 1 Like |
Re: Have You Written Your Will? by bizngr(f): 11:16am On Jul 25, 2014 |
Kanwulia: Since 20 years ago!That's commendable ma.' shizzle11: When i neva start life whish kain yeye will i wan writeIt's never too early. You can start from your phone, clothing, shoes, books. 7 Likes |
Re: Have You Written Your Will? by shizzleStar: 1:12am On Jul 26, 2014 |
bizngr: That's commendable ma.'lol...in this part of the world, will writing isn't common. I'll start doing so when necessary, thanks 1 Like |
Re: Have You Written Your Will? by Nobody: 5:41am On Jul 26, 2014 |
No I haven't. |
Re: Have You Written Your Will? by alaladakosta(f): 5:41am On Jul 26, 2014 |
I never do am, but any body way wish make I die young, 11 Likes
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Re: Have You Written Your Will? by Nobody: 5:41am On Jul 26, 2014 |
No,I don't really have much to distribute yet |
Re: Have You Written Your Will? by shadowwalker101: 5:41am On Jul 26, 2014 |
No I haven't [img]http://www.?aff=391[/img] |
Re: Have You Written Your Will? by seedord247(m): 5:42am On Jul 26, 2014 |
I dont need tooo... Cuz i'm only having 2 kids and i'd rather teach them how to fish than giving them basket full of dead fish than won't last them a day. 1 Like |
Re: Have You Written Your Will? by slimpoppa(m): 5:43am On Jul 26, 2014 |
not yet |
Re: Have You Written Your Will? by Smartsyn(m): 5:44am On Jul 26, 2014 |
Noo I am still writing my wants.. 11 Likes |
Re: Have You Written Your Will? by born2boink(m): 5:44am On Jul 26, 2014 |
I no plan to die soon. Not even in my radar, death for now is impossible. 2 Likes |
Re: Have You Written Your Will? by NaLaugh: 5:46am On Jul 26, 2014 |
nada |
Re: Have You Written Your Will? by datguru: 5:50am On Jul 26, 2014 |
This is no joke, it's very important for you to write your will, I'm a victim and I know what it means. Today I'm hustling not because I'm supposed to but because my father had no will and I was only 8 when he died and my mum is not from my father's tribe, so my father's brothers took all his properties. And believe me it have not been easy. 14 Likes |
Re: Have You Written Your Will? by Nobody: 5:53am On Jul 26, 2014 |
Muhahaha,am still young bro,moreover I don't have any property yet |
Re: Have You Written Your Will? by Malakh: 5:54am On Jul 26, 2014 |
Ain't no need writing a will, the time is short, everything natural goes back to the dust 2 Likes |
Re: Have You Written Your Will? by Zizicardo(f): 5:57am On Jul 26, 2014 |
d worst mistake my dad did was that, he didn't write a will b4 he died. Now I'm living with a friend in her school, all his properties have been shared by his elder brothers. hmmmmmm 7 Likes |
Re: Have You Written Your Will? by kamez(m): 5:58am On Jul 26, 2014 |
Everyone should hustle and make his or her own money oo.. Cos if I vex I might write my will and donate every dime to the chibok girls in sambisa forest 2 Likes |
Re: Have You Written Your Will? by ghettodreamz(m): 5:59am On Jul 26, 2014 |
Writing a will when you are not MADE yet = OYO. BTW, writing one isn't as important as teaching your children financial success lessons about acquisition, and management of financial wealth at a very tender age. When you do all of these you won't even have to bother writing a will, because your kids are already self-made before death comes knocking at your door. Whatever you leave behind goes to the charity or a secondary source of wealth to your kids, with or without which they will live in opulence for life. 1 Like |
Re: Have You Written Your Will? by hannne(f): 6:11am On Jul 26, 2014 |
D legal term that has to do with will is Executorship and trusteeship law.am actually doing it this semester so i understand wat d op is saying BTw,am nt a law student o.accountancy has killed me with law.from year1 to year3.i stil cant find d link btw law nd accountancy. @OP,am a student.i dnt have a will bcus if i have one now,it will be totally revoked after marriage. I know someone will quote me nd say 'WHO ASKED U ALL THIS,SHOWOFF' 1 Like |
Re: Have You Written Your Will? by jonescyras(m): 6:15am On Jul 26, 2014 |
I still dey 5 of 100... 1 Like |
Re: Have You Written Your Will? by lifestyle1(m): 6:17am On Jul 26, 2014 |
Re: Have You Written Your Will? by Warlord3000(m): 6:21am On Jul 26, 2014 |
Na wa ooo.. Wetin i own sef to even think of writing will oo Still thinking... Maybe my second hand fone sha.. Baba God remember me o |
Re: Have You Written Your Will? by Mcowubaba: 6:23am On Jul 26, 2014 |
hannne: D legal term that has to do with will is Executorship and trusteeship law.am actually doing it this semester so i understand wat d op is sayingYES I did!!!!!!!.... |
Re: Have You Written Your Will? by Vstuffs(m): 6:30am On Jul 26, 2014 |
Have u plan to die Okay make I start to read the stuffs |
Re: Have You Written Your Will? by gbadexy(m): 6:32am On Jul 26, 2014 |
Writing will doesn't mean you are going to die soon. You may write your will and still live for 50 years. I plan to write mine soon. |
Re: Have You Written Your Will? by osjoshua(m): 6:35am On Jul 26, 2014 |
I'm just a student o..if I'm gonna write my will its gonna be like this.... 1..my laptop ba3(okoro) 2.my laptop(nkechi) 3.my phone(Amado) 4.my memory card(goodwill) 5.my 20k in bank(uncle n aunt) 6.my bag(Emma) 7.my keyboard(my friend Kali) 8.my room(anyone) ......####.finish.## 14 Likes |
Re: Have You Written Your Will? by disloman(m): 6:37am On Jul 26, 2014 |
Wetin I don get 4 mi to start writing my will now? |
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