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Stats: 2,097,744 members, 4,537,594 topics. Date: Monday, 22 October 2018 at 01:13 AM
|Is Writing A Will Really Advantageous To Your Children ? by ozodigboo(m): 2:15pm On Jul 19|
Pls I need lawyers and experienced peeps to clear me.
Our Mum died a few years ago....of course, no Will. we obtained a letter of administration from the courts, and we got everything.
Last year, our dad died. His lawyer persuaded him dt a Will was the current way to go. While we the children hv no qualms with the content of the Will, we hv been told dt we can only hv access, if we get a probate grant.
Getting the probate grant has been the issue. we were told dt the courts will take 10% of everything spelt out in the Will. both property ( to be costed ) and money in the bank.
Is this true ?
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|Re: Is Writing A Will Really Advantageous To Your Children ? by trixandra(f): 6:22pm On Jul 20|
Yes. But the money is not paid to the court. It is paid to the government. It's more like paying estate duty. The advantage is that should you want to transfer or sell any of the properties, you will not experience difficulty or extortion.
|Re: Is Writing A Will Really Advantageous To Your Children ? by Chidexter(m): 9:04pm On Aug 09|
Pls how did u get letter of administration, did it take long and how much did u guys spend? ". Pls quote me and Goodluck with your pursuit
|Re: Is Writing A Will Really Advantageous To Your Children ? by nellybadas: 9:32pm On Aug 09|
If they are still kids YES.
If they are adults NO.
|Re: Is Writing A Will Really Advantageous To Your Children ? by apeiron24(m): 9:33pm On Aug 09|
I have never heard anything like probate whatever before. Let me just walk to the next thread.
|Re: Is Writing A Will Really Advantageous To Your Children ? by BigSarah(f): 9:33pm On Aug 09|
I've nothing useful to offer on this thread.
Wait I do check my
|Re: Is Writing A Will Really Advantageous To Your Children ? by YorubaAssasin: 9:33pm On Aug 09|
9ja dey get law so?
Lawless nation like 9ja sef dey dictate protocol. BS and Balderdash!
|Re: Is Writing A Will Really Advantageous To Your Children ? by olusledge: 9:34pm On Aug 09|
your family don divide you no know ....even people like oladeinde Fernandez wae be billionaire . will and property cause commotion
|Re: Is Writing A Will Really Advantageous To Your Children ? by BadiratT: 9:34pm On Aug 09|
Will for what
|Re: Is Writing A Will Really Advantageous To Your Children ? by MrMcJay(m): 9:34pm On Aug 09|
The benefits of writing a Will far outweigh it's demerits.
Writing a will helps you determine who gets what in your absence. Dying without a Will puts your estate (properties) at the whims of members of your family some of whom may not be intended beneficiaries of what they get.
Try to read Gani Fawehinmi's Will. That is one of the best Wills in this country and they use it to teach Lawyers in Law School.
Check out the Will here
There are many interesting clauses in it. For instance, any child that goes to court to dispute the Will is automatically disinherited.
|Re: Is Writing A Will Really Advantageous To Your Children ? by DAntivirus(m): 9:35pm On Aug 09|
Just hearing of this for the first time
|Re: Is Writing A Will Really Advantageous To Your Children ? by OboOlora(f): 9:35pm On Aug 09|
I’m not a lawyer so I can’t help u.
But careful of charge n bail lawyers as well as those ones that do affidavit in front of Ikeja high court.
One of them is already advertising below
|Re: Is Writing A Will Really Advantageous To Your Children ? by LordOrochimaru(m): 9:36pm On Aug 09|
Yes it is. I will come and explain in a bit.
Get a lawyer to advice you more. We school for 6 years so don't expect free advice all the time. Having sad this, it's your lucky day.
A will is important as it helps the testator determine who gets what after his demise. Basically he can determine how his estate is administered even in death unlike when there is no will and L.A has to be gotten by those who can apply.
Executors will generally find it easier to carry out the wishes of the testator after probate grant than when it's L.A that is gotten as their power is gotten from the will.
To not type too much, YES! 10% OF THE ESTATE GOES TO GOVERNMENT. IT IS MADE PAYABLE TO THE PROBATE REGISTRAR after accessment by probate officials. This is a condition precedent to the grant of probate. When you guys applied for L.A at the demise of your mom, 10% of her estate was paid as well (you may not have been told this though)
Getting a will is a must for every Nigerian irrespective of age. You can write one yourself but to avoid the long arm of the Wills law catching up with your will after your demise as well as certain other technicalities known to lawyers, CONSULT A LAWYER TO HAVE YOUR WILL WRITTEN.
|Re: Is Writing A Will Really Advantageous To Your Children ? by classicfrank4u(m): 9:36pm On Aug 09|
wait,wn i'm dn frm law skul i wil cm nd hlp u
|Re: Is Writing A Will Really Advantageous To Your Children ? by enitey(f): 9:36pm On Aug 09|
I need to learn
|Re: Is Writing A Will Really Advantageous To Your Children ? by Offpoint: 9:37pm On Aug 09|
|Re: Is Writing A Will Really Advantageous To Your Children ? by dprice(m): 9:37pm On Aug 09|
i won't put mouth in wat i don't kno
|Re: Is Writing A Will Really Advantageous To Your Children ? by jaxxy(m): 9:38pm On Aug 09|
Yes it is bt I sincerely have a problem with that 10% clause rite there
|Re: Is Writing A Will Really Advantageous To Your Children ? by LordOrochimaru(m): 9:38pm On Aug 09|
ozodigboo:Ur thread heading is different from what your write-up. I will address them both shortly sha.
|Re: Is Writing A Will Really Advantageous To Your Children ? by point5: 9:39pm On Aug 09|
Guy anything wey get advantage get disadvantage..so if u ask me,,na who I go ask?
|Re: Is Writing A Will Really Advantageous To Your Children ? by durella32: 9:39pm On Aug 09|
|Re: Is Writing A Will Really Advantageous To Your Children ? by LordOrochimaru(m): 9:39pm On Aug 09|
OboOlora:do you have sense at all? Type with facts and don't be a child. How do you know I am not a lawyer over a faceless forum? When its only 'yànsh' u have to offer from your dp, I can't expect anything less.
|Re: Is Writing A Will Really Advantageous To Your Children ? by majekdom2: 9:42pm On Aug 09|
A will is very important. You can go anytime and your children may not be grown to that stage where they can take care of themselves. Some persons and the elder ones might not be considerate enough in caring for them. It is important you review your will to as your children grow and of course you grow to. As they grow, reduce whatever you are giving to them.
|Re: Is Writing A Will Really Advantageous To Your Children ? by thunder74(m): 9:42pm On Aug 09|
Writing a Will is critically important for all adults regardless of wealth, marital status, or age. A Will allows you to:
1. Ensure that your possessions will be distributed as you wish.
If you die without a Will, the law decides how your estate will be distributed. Although some property will automatically be passed to a spouse or children, exact distribution depends on the value of the property and the terms of title deeds. A Will is the only way to ensure that your wishes will be carried out.
2. Appoint and outline powers of an Executor and/or Trustee.
Writing a Will allows you to decide who will oversee and manage distribution of your estate. Designating a trustworthy and impartial Executor provides peace of mind that the terms of your Will will be honored.
Appoint a guardian for minor children.
3. Your Will serves as the legal guiding document for care of minor children in the event of the death of both parents.
4. Specify funeral wishes.
Specifying your funeral wishes in your Will reduces stress for loved ones and ensures your body will treated in the way you desire (e.g. burial vs. cremation).
5. Expedite the legal process.
It is generally faster and less costly to settle an estate with a valid Will. Reducing legal fees protects the value of your property and savings to be passed to beneficiaries.
6. Reduce stress and heartache for loved ones.
A Will that clearly outlines your wishes for funeral arrangements and property distribution will reduce confusion and family disagreements during a stressful and emotionally difficult time.
7. You’re able to make changes to your will at any time you are well.
Have you changed your mind about an inheritance? Do you want to leave assets to another beneficiary? Have your assets changed? If so, you may need to make changes to your will. A will is able to be updated at any time you are alive and well!
8. You will have a greater peace of mind.
Knowing that you have a proper plan in place will allow you and your family to feel more at ease. Without a will, you may have fears about how future affairs will be handled.
8. Your wife and children will be protected from scavengers who may want to deny your survivals the benefits of your sweat.
9. No one can cheat your survivals in the name of one custom and tradition.
10. Your will allows you to still speak from the grave.
|Re: Is Writing A Will Really Advantageous To Your Children ? by teemy(m): 9:43pm On Aug 09|
I believe a thread was created a long time ago around this topic and I believe the one that needed a letter of administration that had that 10% charge and the ones with a Will were fully covered. I would like the lawyers in the house to shed more light on this issue.
|Re: Is Writing A Will Really Advantageous To Your Children ? by Galaticos444: 9:44pm On Aug 09|
Sorry about d death of ur parents but pls b cautious of ur village people and so-called family friends,trust me i know wot am saying.
|Re: Is Writing A Will Really Advantageous To Your Children ? by nextstep(m): 9:53pm On Aug 09|
Yes, a will is advantageous to your children, whether adult or small.
As trixandra already mentioned, the 10% for probate is really estate tax. See this comment from https://www.nairaland.com/2595210/how-avoid-paying-10-estate
"Estate Fees in most state of Nigeria is usually 10% of the value of a deceased assets.
It is paid to the Probate Registry before a Letter of Administration or Probate of a Will is granted.
Once a person dies, his survivors can only access his wealth particularly money in the bank after they have paid the 10% of that sum to the government. This is excluding the cost of advertising and other expenses to be incured in processing the Letters of Administration."
Also see https://www.nairaland.com/3399455/10-things-should-know-writing
I'm not saying you should avoid tax, but you can research how to legally minimize your tax burden.
It's probably too late for your dad's will, so you'll have to pay your tax before property transfers to you.
What I suggest you do - if you have children - is to create a corporation that owns your properties and investments, then make you, spouse, and children shareholders. You also name your children beneficiaries of your shares, so upon your passing (which will not happen until you're a nice ripe old age in Jesus name) your shares can be transferred without the probate process.
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|Re: Is Writing A Will Really Advantageous To Your Children ? by LordOrochimaru(m): 9:55pm On Aug 09|
Transfer of shares requires probate grant or L.A grant o.
|Re: Is Writing A Will Really Advantageous To Your Children ? by Dumdumfashion(f): 9:59pm On Aug 09|
Very. Especially to include the female ones in Igbo land because after Father's death, you won't get anything as a female
|Re: Is Writing A Will Really Advantageous To Your Children ? by 4601CE(m): 10:26pm On Aug 09|
And give to who?
Please don’t say church
|Re: Is Writing A Will Really Advantageous To Your Children ? by Idrismusty97(m): 10:34pm On Aug 09|
Interesting thread. Ok say i die for instance and i have a will, How would the interested parties(Lawyers, children, relatives) know about it? Because if i didn't tell you about my Will then i am just another dead guy whose relatives and outsiders will come fight for the property regardless of the will. I need clarification on this thanks.
|Re: Is Writing A Will Really Advantageous To Your Children ? by majekdom2: 10:34pm On Aug 09|
4601CE:charity... Orphans and less privileged.
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