The drama surrounding wills: Lessons from a recent tragedy

Some months ago, the news of a Lagos bank boss, his wife, and son who tragically lost their lives in a helicopter crash sent shockwaves across the nation. As the family, friends, and colleagues mourned the loss of these precious lives, a new drama unfolded—a dispute over the validity of the bank boss’s will.

I wouldn’t normally delve into trending topics; however, after receiving inquiries from some of my readers, I decided to share my thoughts on this matter. In this article, I’ll explore three key aspects:

unchecked the validity of a will,

unchecked what happens when a testator dies intestate, and

unchecked alternative options to wills.

 

The Validity of a Will

A will is a legal document that outlines how a person’s assets and properties should be distributed after their death. For a will to be considered valid, it must meet certain criteria:

 

Capacity and Age

Age: The testator (the person making the will) must be at least 18 years old.

Mental Capacity: The testator must be of sound mind as at the time the will was written, meaning they must have the mental ability to:

    – Understand the nature and extent of their property.

    – Recognize their relatives and beneficiaries.

    – Understand the nature and consequences of making a will.

 

Formalities

Written Document: The will must be in writing.

Signed by the Testator: The testator must sign the will in the presence of two or more witnesses.

Witnessed: The will must be witnessed by two or more people, who must:

    – Be present when the testator signs the will.

    – Sign the will themselves.

    – Be competent to testify in court (if necessary).

 

Content

Clear Intentions: The will must clearly express the testator’s intentions regarding the distribution of their assets.

Specific Bequests: The will should include specific bequests, such as:

    – Property (real estate, personal effects, etc.).

    – Financial assets (bank accounts, investments, etc.).

    – Business interests.

 

 

Execution.

Voluntary Execution: The testator must execute the will voluntarily, without duress or undue influence.

 

Revocation

No Prior Revocation: The will must not have been revoked by a subsequent will or codicil. The will must not have been revoked by operation of law (e.g., due to marriage, divorce, or birth of a child).

 

What Happens When a Testator Dies Intestate?

When a person dies without a valid will, they are said to have died intestate. In this scenario, the distribution of their assets and properties is determined by the laws of intestacy, which vary by jurisdiction. In general, the laws of intestacy prioritize the distribution of assets to the deceased person’s spouse, children, and other relatives.

In the absence of a valid will, the estate of the testator would be subject to the laws of intestacy. This could lead to a lengthy and potentially contentious process of distributing such assets, which may not align with the testator’s wishes.

 

Alternative Options to Wills.

While wills are a common way to distribute assets after death, they are not the only option. It is also essential to consider alternative options, such as trusts, joint ownership (company/property, etc), payable-on-death (POD), specific kind of power of attorney, living wills, etc, to ensure that one’s wishes are respected and assets are distributed according to their desires.

By following these comprehensive checklists, you can ensure that your will is valid and reflects your wishes regarding the distribution of your assets. It’s always recommended to consult a legal practitioner to ensure that your will meets all the necessary requirements.

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