Fellow Nairalanders,

First of all 'happy Eid il Fitr to everyone'

Have you ever sit back at any point in time to reason if truly it is right for you not to have a Will of your own? Or possibly you are too busy with hustling or feels writing a Will is a thing associated only with the old as we mostly are made to believe?

Writing a Will does not imply you are dying the next minute! No. Writing a will does not mean you have just signed a death warrant either! Not limited to any age, it is one of the easiest decisions to make for you and your family.  However, before you embark on it, here are a few things to note.

Get your will into written form

 You have a number of options when it comes to actually writing your will. You could go and see a local or you may seek an expert who is usually an attorney who produces your will.

Identify yourself

Do this using your name and current address. State clearly that you are of sound mental health and of contractual capacity. Without this important step, somebody who gets a raw deal in your will will be able to shoot down the will in court easily. Also make an explicit statement that you are revoking all other wills and codicils you may have executed before.

 The final total is…

According to www.myestate.com, determine roughly how much you are worth, if you die today. Compile a list of your assets. To efficiently write a will, you should have an inventory of all your possessions. Be sure to list everything from cash assets to any property that you own. Make a list of your family members and any other beneficiaries. These will be the people who are named in your will. If you want to leave any part of your assets to someone, name them in this list.

 Work out whom you want to leave things to

 Do not just think about your first choice; also think who you would like to leave things to, if your first choice person has died before you. You can say things like, “I wish to leave my whole estate to my wife but if she predeceases me, then I would like my whole estate divided equally between my children.” You can also leave percentages of the estate or fixed amounts of money to people.

 Think about appointing guardians

 If you have children that are still minors. You should have a first and second choice just in case the first choice is unable or unwilling to take on the responsibility at the time. Write a clear letter indicating which assets you want to leave to which beneficiaries. Make sure that your intentions are very transparent and lack any ambiguity. The clearer you can make your intentions, the better. Place your signature at the end of the letter.

 Appoint an executor

The Executor is the person who carries out your instructions and administers your estate after your death. Every country has rules over who can serve. In some, if the person is living in your state and over the age of 18, that will do but you obviously want a person who is honest, thrifty, prudent, and resourceful. Name an alternative executor to take over if your first choice dies, becomes incapacitated, or is unable or unwilling to serve.

 Write in a residuary clause

A Residuary clause takes everything that was not already disposed of and gives it to your “residuary beneficiaries.” Even after distributing 100 percent, you can say, “If there are any other assets remaining in my estate including, but not limited to real property, personal property, causes of action or any other assets, of whatsoever nature and wheresoever’s situate, I give, bequeath and devise such residue to (name the persons).” Be clear about whether your Executor should be paid and/or reimbursed for expenses. You may set the pay or just leave it as a “reasonable fee such as is ordinarily charged in the community for services of similar complexity and nature.”

 Make sure you sign correctly

 How you and your witnesses sign the will is a matter of state law and can affect its validity. Check on this but in all states, you will be fined if you sign the will in the presence of three witnesses and a notary public all of whom watch you sign and were present all at the same time and all of whom are unrelated to you and not beneficiaries or other persons with an interest in your estate. Your signature must come at the end of the will, preferably right after the last line of text. You should also initial each page.

 Store the will safely

 Your will does not get filed with the courts until after your death. Tell only your nominated executor where you keep it or place the will in a place that can be accessed. Tell your beneficiaries where this place is so that they will be able to retrieve your will. You may also wish to give the Executor a copy or second original.

Wishing you long life and prosperity! 

Credit.... http://www.punchng.com/spice/lifestyle-spice/write-a-will/