A will is a testamentary document or instrument voluntrily made and executed according to the law by a testator who has testamentary capacity wherein he disposes of his properties and gives further instruction to be carried out as as deems fit. It contains the intention or the wishes of a person which is carried out after his death.


A will is testamentary as it takes effect after the death of a person and it is ambulatory as it can be altered during the lifetime of the testator.


IMPORTANCE OF MAKING A WILL

The importance of making a Will cannot be overemphasised.

1. It displaces the rules of customary rules of inheritance.

2. It displaces the application of the Rules of of statutory devolution.

3. The testator has the satisfaction that his property will be managed properly.

4. The testator can benefit those who are jot his family when he make a will and with this, he can gain satisfaction.

5. The testator can appoint the persons he trusts as testator.

6. Where the testator has an infant, he can appoint guardians for them.

7. The power of the executor to manage the estate of the testator arises immediately the testator dies.

8. Making a Will gives the testator the opportunity of making specific gifts or donations like charity. 

9. The testator can give his final directives. 7 clear days should however pass after his death before the directives are carried out. This number of days is dependent on the jurisdiction in question. 

10. It is easier to administer the estates of a deceased person who made a will than when the person didn't make a will.

11. It saves time and energy as well as reduces friction among beneficiaries. 

12. Making a Will can guarantee business interest or sustain investment of the testator.

WHY PEOPLE DON'T LIKE MAKING WILL

Most people don't make will because they think it can cause chaos among their dependents and they most times don't believe in the Judicial System. There is also the conflict between culture and the will they make. 

Ignorance also plays a part in people not making wills.


WHAT IS A CODICIL?

A Codicil is a miniature or supplemental will attached to a previous valid will.  For there to be a Codicil, there should be an earlier made will. The will cannot be read in full without the Codicil which was made with the will.


EFFECT OF A CODICIL

- A Codicil revokes a will

- A Codicil adds or alters a will

- A Codicil revives a will

- A Codicil republishes a will


It should be noted that when making a Codicil, the testator must follow all procedures done to a will while drafting the Codicil. 


WHAT ARE TERMS TO A WILL/CODICIL CALLED?

A male that makes a Will is called Testator. 

A female that makes a Will is called Testarix/Testatrices.

Testator is where a person dies making a Will.

Intestate is when a die without making a Will.

Beneficiary is a person who benefits from the gift given from a Will.

Executors are persons appointed by the testator to manage the property after his death.

Executrix/Executrices are female persons appointed by the testator to manage his property after his death.

Administrators are persons appointed by the court to administer the estate of a person who dies without making a Will. Administrators administer the Intestate estate. 

For more visit https://www.kokination.one/2022/09/the-meaning-importance-and-types-of.html

Okay

Mirabel11:
Okay

Ofcourse

.