Writing a will is one of the things that is on the “I’ll do that later” list of a lot of people and as little as 5 percent of people in sub Sahara Africa actually have one. The fact however is creating one now can help minimize family fights over who gets what.
Furthermore, having a will can also help reassure you that things will be properly taken care of when you pass. It is important that you complete essential documents, then keep signed copies in a safe place (and give copies to your lawyer, if you have one), or use a digital lock box like AfterVault.com; for about 20,000 Naira per year, duplicates can be stored and information passed on to your designees when you are gone.
What Is a Will?
This document explains who gets your assets and property, and custody of your children, if necessary. With technological advancements, you can actually create one online for as little as 10,000 Naira using a site like rocketlawyer.com.
If you find that overwhelming, you can hire an estate planning attorney. While you are at it, you can ask your employer will cover the cost.
Whether you Do it yourself or hire a pro, appoint an executor (pick a family member or friend who is unbothered by the prospect of filling out detailed paperwork) to ensure everything goes as planned.
Don’t include details of what type of funeral service you want and where your remains should be stored or disposed of in this document. This is because wills typically aren’t read until after the funeral. Write down those details elsewhere and give them to your executor and immediate family members.
What Is All The Fuss About A ‘Living Will?’
A living will is also called an “advanced directive,” and it states which end-of-life medical treatments you do—and don’t—want, including life support and hospice care.
It is important to be very clear with this: For example, instead of just specifying that you don’t want treatment to artificially prolong your life, specify whether you’d want a feeding tube, dialysis, or other measures; your doc will use this to make decisions. Give your general practitioner or medical doctor and your executor a copy.
What Is A Health-Care Proxy?
This is also known as a “medical power of attorney,” this record lets you appoint someone (and a backup) to make any health-care decisions if you can’t speak for yourself. It is important to ensure they have a copy of your living will. (If your wishes in that document weren’t specific enough, your proxy can make judgments about treatment.)
What Does ‘Power of Attorney’ Mean?
A common form that designates a person to make all financial and legal decisions (e.g., handling investments, filing taxes, managing health insurance, and arranging payment for medical care) on your behalf if you’re alive but incapacitated.
Your Online Legacy
The Internet is forever, which is why some social media sites, including Facebook, let you choose a “legacy contact.” This is someone to manage your account (or remove it) if you die.
For other online accounts (such as other social media platforms or a recurring subscription to a news site), you can choose to create a running list of usernames and passwords for your executor and keep it updated. In the absence of these measures, it can take weeks or months for family and friends to find all your accounts to cancel or modify them.