Who needs a Will when they’re young?
Ever struggled with the idea of creating a Will? This article is for you.
For most young persons, writing a Will is for “old people.” It is stuff they shouldn’t bother with because why think about death when they still have their whole life ahead of them?
Let’s dive into this:
What’s a Will?
A Will is a legal document that explains how your assets get distributed after your demise.
Simply put, setting up a legal binding Will helps you keeps your assets out of the hands of people you don’t like. Well…except you’re okay leaving your loved ones at the mercy of vultures. That’s up to you.
Who needs a Will?
Wills are not just for wealthy people or divorced people or married people. They are for ADULTS. Are you 18 years old, mentally stable, have acquired some assets, and have loved ones you deeply care about? You need a Will. Still confused about who needs a will? Read further here
What happens if you don’t have a Will?
Dying without leaving a Will behind can create trouble for your loved ones. They might be plunged into quarrels and emotional drama either amongst themselves or from external bodies that might want to claim your properties.
Secondly, your assets might end up in court, and the court will then determine who distributes your resources. This is called Dying Intestate. The person appointed by the court to distribute your properties is called an Executor. The Executor might be a person you don’t like or trust, and he/she might even distribute your assets in a manner that doesn’t sit right with you. Anyway, what can you do? You’re already dead! Lol.
Thirdly, without a Will, your legacy is left to chance. Let’s say you normally finance an NGO, or you have a pet; without a Will, those things might become a thing of the past.
Now to the favorite part, a Will enables you to give specific instructions about how you want to be buried or remembered. If you don’t like an extravagant burial, you can state that in your Will and your wishes will be respected. If you want to be extra, you can demand to be cremated and your ashes packaged in a bottle, so family members can take the bottle with them every vacation or game night. That way you get to be dead and still feature at functions. See?
How can you create a Will?
It’s very simple, can be created online and in 30 minutes. Again, there’s already a template you can follow, so you don’t need hours of drafting. When you’re done writing, you download it. That’s all! This type of Will is called EasyWill. It can be done in your own time and speed.
What must your Will contain?
Your name, occupation, residential address, and date the document was created
You need to be clear that it is your “Last Will and Testament.”
List your Executor or Executors. The extra executors are called Co-Executors. You can also appoint an Alternate Executor. These ones stand in, if your first choice is unavailable or dies before you do.
List your assets. Everything you own should be listed. They could even be artworks, buildings, etc. The only assets you’re not permitted to list are the ones you jointly own because the co-owner automatically inherits those on your demise.
Mention your beneficiaries. Your beneficiaries are those who will inherit your assets in the case of eventuality. If you have pets or charity projects, nominate guardians for them and ensure the financials are discussed. If you have kids, you can set up an Education Trust Fund for them. That way, you’re sure their education will continue regardless of your availability.
How can your Will be executed?
To ensure your Will is legally binding, it must be signed by you and witnessed by two neutral people. Their signatures of these people show that the Will is authentic.
Can a Will be updated?
Yes, a Will can be updated when you acquire new assets, if any of your witnesses dies, or if your marital status changes.
How should a Will be kept?
As a confidential document, it should be confined to a place only known to the beneficiaries and executors because it is meant to be confidential until the testator dies.