From a recent survey we carried out, we noticed one of the most common reasons why people don’t write a Will is because they don’t understand what is required. For example, Opeyemi (not his real name) told us, he didn’t know why he needed an Executor for his Will.
You might be thinking of writing a Will but you also don’t understand the things needed as well as the process for writing one, not to worry, we have got you covered, in this post, we will be explaining 5 major things you need to know or do when writing a Will.
1. Account for all your assets:
What’s the point of having assets if you are not going to protect them? One of the first and most important steps should be for you to list out all your assets so you don’t forget to include any in your Will. Remember, no Asset is too small, If you have 3 bank accounts, make sure to include all of them, if you have 2 Houses, don’t forget to include any of them in your Will. A proper record of all your assets ensures that they are all included in the Will and are all protected.
2. Determine who your beneficiaries are and Why:
You might be wondering what the use of the “Why” is, after all, the properties would only be giving out only when you are no more, so, should you really care? Yes you should. Leaving a Will symbolises leaving a Legacy, you don’t want to leave the symbol of your legacy to just anyone, therefore you need to think of who gets what and most importantly “Why?”. If you have a pharmacy, who do you think should inherit it from you? Most people think along the line of “My Children”, but what if none of them have the technical or operational capacity to keep the going concern of the pharmacy, what then happens? Wouldn’t it be better to give someone else you trust who is not a family member so your legacy can continue? If you have a car you love so dearly, wouldn’t you prefer to give someone who loves cars and is a careful driver? The ”Why” is just as important, when dividing your assets, carefully ask yourself “Why am I giving this person this?”
3. Carefully select your Executors/Trustees:
Despite the fact that they both perform different roles, the executors are usually appointed as trustees also. The executors main duty is to carry out the instructions or wishes of the testator while the trustees look after the assets in the trust for the benefit of the beneficiaries. When appointing an executor or trustee, always make sure to appoint individuals or corporate bodies that you can trust and have a proven track record of honesty, integrity and diligence. You don’t want an executor or trustee performing his duty without having the best interest of your beneficiaries in mind. Make sure to do a background check on the person or corporate body before selecting them as your executors or trustees.
4. Get your guardian to accept the role before appointing him/her:
One common mistakes people make when appointing a guardian is choosing a family member who show their children random acts of kindness whenever they visit, while this is not necessarily a bad thing, it is no way a determinant for appointing them as a guardian. Before selecting a guardian, look out for people who love your children just as much as you do and are willing to take care of them if you are no longer around. Always make sure to speak with them to agree to this role before including them in your Will as guardians, this is because someone who loves your children might not necessarily want the responsibility of taking care of them on a day to day basis. Make sure to choose the right guardian and get them to agree ahead so your children don’t have to suffer in the case of uncertainties.
5. Choose the right partner:
Following the advice on the 4 points listed above will come in very handy, it is not a guarantee to having a hassle-free process, this is why it is advised to always choose the right partner such as iWill when writing a Will. With iWill, you can write a Will in 15 minutes or less. Wouldn’t you want a partner who does all the heavy lifting for you while you sit back and enjoy spending time with your family. Click here to signup today.
Will writing doesn’t have to be complicated, so don’t be discouraged to write one, if you follow the advice shared above, you would end up feeling empowered just after writing your Will simply because you will know deep down that you just took the necessary actions needed to protect the ones you care about. Don’t wait till tomorrow, Write a Will today.