I AM READY TO CREATE A WILL – WHERE DO I START?

SO, you finally made the big decision to put on the big boy pants.

You finally decided to take charge of your future and take a big leap to the 1% club.

You’ve finally decided to Write a Will in Nigeria!

Before telling you how smart a decision this is.

I would like to say, it doesn’t mean you’re going to die!

Quite the contrary!

You have made one of the smartest asset management decisions that most people struggle with. This decision will help secure all your assets for the benefit of your loved ones.

The big question here is, now you have decided; where do you start ?

Lets begin!

NEXT STEPS

1. Create a Schedule of AssetsThe first step in writing a will in Nigeria is to create a list of your assets. Sounds easier than it is. Experience has shown that many people tend to omit some of their assets when creating a list of assets.

   Unfortunately, when we think of assets, we tend to think mostly about houses and cars, nothing more. However, it is important to include anything that has value in your list of assets.

   This should include your bank account, your pension account, details of cooperative contribution, details of investments, jewelry, chattels such as clothes, bags, shoes etc., intellectual property and any other thing of value.

2. Create a List of BeneficiariesA list of beneficiaries helps to ensure that you don’t omit any loved one. Carefully comb through your nuclear family, your extended family, your friends, your colleagues at work or business partner, dependents, caretakers etc. to ensure you don’t omit anyone you consider deserving.
3. Get your KYC documentationThis one thing can render your entire effort moot and must be carefully documented. It defeats the entire purpose of your high IQ act if you don’t properly document the identities of your beneficiaries as with no information or haphazard information, they cant be reached to benefit from your estate.
4. Create Your WillYou’ve got your assets listed, you’ve got your beneficiaries properly identified.

   Time to officially write your will.

   There are two ways to do this. You can create your Will online or offline.

   To create a Will online, log on Willpower, an online Will writing platform that allows you create your Will from the comfort of your home. You can log on to Willpower by visiting the website on www.willpower.ng.

   Once you get to the website, create and verify an account. Choose your preferred Will template and beginning filling in your asset, beneficiary and other details. Afterwards, finalize by paying, printing and signing the Will before witnesses. Finally, seal the Will and dispatch to us at our office.

   If however, you prefer to create your Will through the conventional offline process, you can kick start the process by contacting us at WillPower or here. UTL Trust Management Services Limited. Our team of professionals will hold sessions with you to understand your intentions and then create the Will after which same will be signed and attested by witnesses.

5. Probate your WillUpon creation of the Will either through the online or offline process, there is the need for the Will to be probated i.e. registered in the probate registry of the high court.

   Our team undertakes the process of registration. The original copy of the Will is sealed and lodged at the probate registry while a copy of the Will is sent to you.

Now that you fully understand the entire process flow for writing a Will, we hope you are more energized to complete the process as quickly as possible so that you can begin to bask in the post Will creation security of having protected your assets for the benefit of your loved ones.

 

NB: For expert advice on creation of Will, visit UTL Trust Management Services Limited at https://utltrustees.comour-services/trust-services/private-trust/trust-administration/