You should have a will if you are a property owner in Nigeria. A will helps to avoid certain issues while the owner is still alive and after passing on. Interestingly, there are different types of wills for varying circumstances.
Before taking the necessary steps to make a will, you should understand the types of property wills that are recognized in Nigeria. This article explains all you need to know about the types of wills in the country.
Understand the Purpose of a Will
A will is a legal document that a property owner produces to outline the assets he possesses. You write a will stating your expressed wishes on how your property should be managed or distributed upon death. There are several types of wills recognized by law in Nigeria. They serve different purposes and are suitable for different circumstances.
Why Should I Get A Will?
Before we discuss the different types of will, let's take a look at the reasons why a will is important for your properties and assets.
Clarity
A will, an expressive directive, provides clarity and gives clear instructions. It also ensures that there is legal backing for your preferences and directives.
Avoid Issues
The culture as regards property inheritance in Nigeria makes it necessary to write and provide a will for your properties. Different ethnic groups or families tend to have a traditional way of handling properties that might not be in line with the wishes of the property owner. A will removes and prevents family disputes because it has a higher backing than verbal family tradition.
Protect Your Interest
Wills provides you with the opportunity to provide for all your loved ones in a fair system.
Other than avoiding family disputes, a will can help those who are weak or without backing to secure their entitlements without injustice.
Protect Your Assets
A will can also be a way to protect your assets from loss after death. A will lists out all your properties including those that are unknown to others. You can then distribute these properties as you see fit. A will ensures that the property is not lost to the state or any other entity.
What are the Types of Property Wills in Nigeria?
There are various types of property wills in Nigeria. Not all of these types have the same recognizable status. However, they are for different instances and specifications. These property wills include:
Testamentary Will
This is the most recognized type of will. You can refer to it as the standard type of will. It is also most common. A testamentary will comes into effect when the writer or the testator passes away. The testator usually prepares the will with a lawyer present and his property manager if one is available.
During the signing of the testamentary will, there are often witnesses present.
Here is what you should know about Testamentary Wills;
It must have the recognizable and affirmed signature of the testator. In some instances, you have unique stamps that are available only to the testator. It proves the authenticity of the documents.
A testamentary will also require the presence of at least two witnesses. They are available to confirm the mental capacity of the testator to make informed decisions at the time of writing and signing the will.
The testator has the power to adjust or revoke the will anytime before passing away. The adjustment or revoking process also requires witnesses, lawyers, and other important personnel.
Nuncupative Wills
A nuncupative will is often an oral expression or spoken will made in an emergency manner. This will type has its limitations even when it is made or expressed in front of witnesses. It is also not duly recognized in Nigeria.
Here is what you should know about nuncupative will:
It must be made in the presence of all the witnesses involved in the distribution or those benefiting from the will. The absence of one or two witnesses is often a cause for dispute or issues.
Nuncupative will often happen in emergencies. In some cases, the testator is on their deathbed. Hence it is often limited and might not cover all properties. It might also fail to express clear directives on what to do with the shared properties.
Joint Wills
A joint will come into play when you have more than one ownership over a property. In a joint will, two or more people, often married couples, make a will to leave the property for one another in case of death. A joint will can also express the directive to leave a will in place for a common beneficiary.
Here is what you should know about Joint Wills:
By law and requirements, the will is binding when one of the testators passes away. The surviving parties will face legal technicality if they try to change the will.
It is a good option for jointly owned property. All parties involved come together to dictate how to handle the property.
Living Wills
A living will is a special type of will into play while the testator is still alive. A living will is useful to you if you have medical concerns. You can use this will to outline medical decisions and options of assisted living options. It is a will to write when the testator still has the mental capabilities to make those decisions. It is a form of will because it affects property management, sale, or usage while the owner is still alive.
What You Should Know about Living Wills
It focuses on preferred medical treatments or plans that will affect properties and assets. The will might lead to the sale of some properties to help with the testator's medical preferences.
Living will take effect while the testator is still alive. There are certain clauses in the will.
Conclusion
When creating a will you should identify and evaluate your assets, choose your beneficiaries, and select your trusted executor. Also, note that you can always change or adjust your will as life circumstances change or when you add more properties.
Land Republic is a trusted real estate agency that can guide you on how to evaluate and include your properties in your will. We provide insights into future usage and value.
