HOW IMPORTANT IS ESTATE PLANNING?

This article has been inspired by a true life experience concerning a brief I am presently handling for a client.

This particular client came to me in respect of a dispute concerning the distribution of his father’s property. The deceased had lots of landed property but failed to write a Will or instruction as to how the property is to be shared after his death.

This dispute has been going on for months and has caused alot of “bad blood” between siblings and family members. It is therefore on this ground that I decided to write this article, to educate and or refresh our memories on the benefits and need for a proper estate planning.

A lot of you reading this article will agree with me that you have not done the needful as it relates to the distribution of your estate. The need to update our Will is to help our children and dependents live in harmony when we are gone. Some other persons are too spiritual and have refused to give this subject matter a second thought.

Legally, a person’s estate is everything he or she owns. But for the purpose of this article, I will refer to an estate as an area or an amount of land or property.

Most Individuals put aside estate planning because they think they are not old enough. Some might be confused as to who will help them! Others might not want to think about it especially in this part of the world Nigeria.

It is believed that planning your estate is a bad omen… a sign of death. It is, however, unfortunate that we cannot predict how long we are going to live.

Then, when this happens, families both close and extended will have to bear the brunt of attending series of meeting and court proceedings just to share the property.

Estate planning is not just for retired or old people, but for everyone. It is also not just for the wealthy ones, although people who have built some wealth do often think more about  preserving it.

If one dies without a proper estate plan, the court that has jurisdiction on such matter or the deceased customary law will govern and distribute the deceased property.

This decision might not be what the deceased would have wanted if he had been alive. This process might become a public matter, expensive and time consuming.

Supposing for instance, both parents’ dies at the same time intestate, leaving behind their children, the future of the children will be determined by the court or the parent’s customary law.

The outcome might not be what the parents want if they were alive. These explanations above are not to scare anyone but to make people see the importance of a proper estate planning.

Below are steps and things you need to know about estate planning.

WRITE YOUR WILL.

The first step to take to plan your estate is to write a Will. A Will is an instrument of conveyance. It is a legal document by which a person (the testator) expresses his or her wishes as to how his or her property is to be distributed at death.

On the WILL, there are names one or more persons (the executor) to manage the estate until it’s final distribution. There are however formalities in writing a Will.

First a Will SHALL BE IN WRITING

It is signed by the Testator or signed in his presence and by his direction. The Testator makes or acknowledges the signature in the presence of at least 2 witnesses present at the same time. The witnesses attest and subscribe the Will in the presence of the Testator but no form of attestation or publication shall be required.

BE SPECIFIC. 

It is important to be specific. Your family can be saved from a lot of disturbance and argument. It is important to specify whom you want to have items with special sentimental value. Sometimes the harshest fights are over items that were not given specifically to a person.

KEEP THE DOCUMENT.

 A WILL can be very sensitive and sometimes the person writing might not want it to be seen until after his death. It is important to keep the document safe in such a way that after death, the document is read to the family. Most often testators give this document to their lawyer or executor for safe keeping only to be read after death.

Estate planning goes beyond writing your WILL.

It could also include instructions for your care if you become disabled before you die. For example in the advent of a brain damage that paralyzes the entire body system including arm leg and speech.

It is also important to name a guardian and an inheritance manager for minors, just in case something unfortunate happens. The WILL help the parent of the minors choose someone that is trustworthy, capable and familiar. It also helps to secure the future of the children.

Another way of planning your estate is by getting insurance.

Though, insurance is not a very popular trend in Nigeria. Getting a life insurance helps to provide for your family in case of death. Disability income insurance helps to replace your income.

If you cannot work due to illness or injury, and Long-Term care insurance helps pay for your care in case of an extended illness or injury.

It is true that none of us like thinking about the possibility of death. It is also true that no one can predict the future! For this reason, it is better to make plans for our hard earnings, legacy, and the ones we care about.

Knowing you have a proper plan in place gives you a sense of security not only for yourself, but for the ones you love and care about.

For further advice, help or assistance of this article or any other related issues, do not hesitate to email me at ibejulekkilawyer@gmail.com or call/whatsapp on 08034869295.