What is the benefit of writing a will?

What is the benefit of writing a will?

December 18, 2019

 

  1. One of the major reasons for a will is that the wishes of the testator is carried out upon his demise. A will been a testamentary document made during the life time of the testator, voices the mindset of the deceased on the way he wants his estate to be shared among his beneficiaries. It determines the who, what and when of the testator’s desires.
  2. A Will helps the testator of the testamentary documents give his estate to those he truly wants to be beneficiaries. He might want to disinherit some of his relatives for some reason or he might feel that they are underserving of his labour so he can give to those he truly desires to benefit.
  3. The testator is at an advantage of stating how the properties will be shared and the extent upon which he wants a beneficiary to benefit from his estate. Sometimes, testators might for whatever reason give a someone who is not a member of the family some part of their estate as a reward for loyalty or otherwise. Other times they might want their property to dissolve to a charity of their choice. This can only be streamlined in a will.
  4. A will protects the estate of the testator. The executors of the will are enjoined to make sure that the property of the deceased is shared in the way the decease desires and the executors have a duty of trust to take good care of the estate of the deceased before they transfer the estate to the beneficiary.
  5. A will helps reduce the element of dispute. When there is a will the chances that dispute might occur is minimised to the barest minimum. This is because a will can serve as evidence of the testator’s intentions should any legal issue arise as to how the estate is to be distributed amongst the benefactors.
  6. A will allows the testator to make gift and donations that are close to his heart and this will be carried out by the executors of the Will upon the demise of testator.
  7. A will is subject to change. If you make a will today, you can add or subtract or even restructure through codicils. This means that no matter the additional properties or lack thereof, the testator can at any point either add or remove a beneficiary or executor as the case may be during his lifetime.
  8. A will minimises taxes. The Taxes an estate in a will pays are usually reduced
  9. A will takes into consideration the interests of a minor beneficiary. Where there are minors to a will for instance, where the testator’s children are still minors, the will decides who acts as guardian, who executes the property for the minors and when the minors will become owners of the property.
  10. A will provides for those you choose. The choice of who will benefit from your estate is given to you by a will. You can state how you want your family to be provided for.

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

 

 

 

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time

  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.

  • Do I need permission to copy or use any copyright material in Nigeria?

    You do not require permission under the Nigeria Law to use or copy a copyright material when it is for research purpose, educational, non-commercial purpose, reviews and criticism etc

    However, when the copies are large, you must seek permission from the copyright owner.

  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • How many directors do I need to start a company?

    A minimum number of two (2) directors is required to form a company.

  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.

Call Us Now on +234 901 719 0079 Chat on WhatsApp