Will writing is a very important decision that one can ever make, yet many people delay it and when they finally do they end up making avoidable mistakes that can cause dispute and confusion amongst their loved ones.
Through E-Will solution services provided by STL Trustees, creating a Will is now made easy, simpler and more convenient than ever. But this doesn’t eliminate the need for proper planning.
Over time, a lot of people have made common mistakes when writing their Will. The essence of this blog is to highlight those common mistakes and how to avoid them.
Failing to update the Will after major life changes:
Whether it is getting married, being divorced, acquiring a new property, or business investment, etc., these can significantly affect how your estate should be distributed. An outdated Will may not reflect your current intention, so it is always advisable to update your Will after a new occurrence.
How to avoid it:
Review your Will regularly, especially when a major life event happens and update it when necessary.
Incomplete/inaccurate information
Having incomplete/inaccurate information in your Will might have an adverse effect. Incomplete details about your beneficiaries, assets, or executors can create confusion and delays in the course of administering the estate.
How to avoid it:
Have all necessary information and prepare them ahead. Information such as named Beneficiaries, Asset descriptions, personal identification details, and instructions to guide the executors are very crucial. Accurate documentation help to ensure that your wishes are carried out smoothly and seamlessly.
Choosing the Wrong Executors
An executor is responsible for carrying out the instructions in your Will. Selecting someone unreliable, unavailable, or unprepared can create complications.
How to avoid it:
Choose individuals who are trustworthy, organized, and willing to take on the responsibility. Clearly communicate your expectations to them.
Not executing the Will properly
A Will must always be signed, witnessed and lodged with the appropriate Probate Registry to be recognised and easily accessible when needed.
How to avoid it:
Ensure that your Will is properly executed and lodged safely. Probate registration procedures may vary across Nigeria, including the different requirements among jurisdictions.