Many people postpone making a will because they believe it is something to think about much later in life. Some assume that a will is only necessary for wealthy people, while others believe that as long as their family knows what they want, there is no urgent need to put those wishes in writing.
But estate planning is not simply about anticipating death. It is about making clear decisions about what should happen to your assets, responsibilities and affairs when you are no longer able to make those decisions yourself.
So, when is the best time to make a will?
The best time is generally before you think you need one.
You do not have to be elderly, seriously ill or extremely wealthy before making a will. In fact, significant changes in your family, finances, property ownership or business interests may be good reasons to prepare or update one.
1. You Do Not Have to Be Wealthy to Need a Will
One of the most common misconceptions about wills is that they are only for people with substantial wealth.
That is not necessarily the case.
A person may own a family home, land, a vehicle, bank accounts, shares, investments, business interests, personal belongings or other assets without considering themselves wealthy.
The value of a will is not simply measured by the size of the estate. It is also about providing clarity regarding how your estate should be dealt with.
Without proper planning, disagreements can arise among family members concerning who should inherit particular assets, who should administer the estate and how the deceased’s wishes should be interpreted.
A properly prepared will can help reduce uncertainty.
2. Marriage Is a Good Time to Review Your Estate Plan
Marriage can significantly change a person’s financial and family circumstances.
A person who made a will before marriage may need to review whether the document still reflects their wishes and current circumstances.
Marriage may also introduce new considerations, including jointly owned property, family businesses, children, investments and responsibilities toward a spouse.
Rather than assuming that an old will automatically addresses these changes appropriately, it is sensible to have your estate plan reviewed when your family circumstances change.
3. Having Children Is Another Important Trigger
The arrival of children is one of the most important reasons to think seriously about estate planning.
Parents often spend considerable time planning for their children’s education, healthcare and general wellbeing. Estate planning should form part of that conversation.
A will can help parents express their wishes concerning the distribution of assets and other matters that may become relevant to the care and welfare of their children.
For parents with substantial assets or complicated family circumstances, professional estate-planning advice can be particularly important.
4. Buying Property Is a Good Reason to Make or Review a Will
Property ownership is another major trigger for estate planning.
If you acquire a house, land, commercial property or other significant assets, it may be appropriate to review your will to ensure that your estate plan reflects your current property portfolio.
This becomes particularly important where a person owns multiple properties, has property in different locations, or has invested in property jointly with other people.
Property can become a major source of family disputes after death when ownership, entitlement or succession has not been properly planned.
5. Starting or Owning a Business Should Prompt Estate Planning
Business owners should not overlook estate planning.
A person’s business interests may constitute a significant part of their estate. This could include shares in a company, partnership interests, family businesses or other commercial investments.
If a business owner’s affairs are not properly structured, their death could create uncertainty concerning ownership, management and succession.
A comprehensive estate-planning exercise can therefore go beyond simply listing personal assets. It may also involve considering how business interests should be treated and how the estate can be administered without unnecessarily disrupting the business.
6. You Should Not Wait Until You Become Seriously Ill
One of the biggest mistakes people make is waiting until they are seriously ill before thinking about making a will.
Estate planning is best approached while you are capable of making clear, voluntary and informed decisions.
Waiting until there is a serious illness or a crisis may create unnecessary complications. Questions may arise concerning a person’s mental capacity, the circumstances surrounding the preparation of the will, or whether the person was subjected to undue influence.
Preparing your will while you are well can therefore provide greater clarity and reduce the risk of future disputes about how or why the document was made.
7. Turning 18, 30, 40 or 50 Is Not Necessarily the Key Issue
There is no particular birthday at which everyone suddenly needs a will.
The more useful question is:
What has changed in your life and financial circumstances?
A young adult who owns significant property or business interests may have good reason to make a will.
Likewise, someone much older with a simple estate may still need one.
Age can be relevant, but it is not the only factor.
8. A Major Financial Change Is a Good Time to Review Your Will
Your estate plan should evolve as your circumstances evolve.
Receiving an inheritance, acquiring property, starting a business, selling a major asset, receiving a substantial investment, or experiencing a significant change in your financial position may justify reviewing your will.
A will that accurately reflected your circumstances several years ago may no longer reflect your current intentions.
Estate planning should therefore be treated as an ongoing process rather than a document that is prepared once and forgotten.
9. Divorce, Separation or Remarriage Require Careful Review
Major changes in personal relationships can have significant implications for estate planning.
Divorce, separation, remarriage or entering into a new long-term relationship may change the way a person wants their estate distributed.
Where there are children from previous relationships, stepchildren, a new spouse or other dependants, estate planning can become particularly important.
These circumstances can create competing expectations within families, making clarity and proper legal advice even more valuable.
10. If You Have Assets in Nigeria and Abroad, Do Not Ignore Estate Planning
For Nigerians living abroad or individuals with assets in more than one country, estate planning can become more complex.
Someone may own property in Nigeria while maintaining bank accounts, investments or other assets in another country.
Cross-border estates can raise additional questions concerning succession, applicable laws, administration and documentation.
For this reason, individuals with assets in multiple jurisdictions should consider obtaining appropriate legal advice rather than assuming that one document will automatically deal with every aspect of their estate.
11. Your Will Should Not Be a “Set It and Forget It” Document
Making a will is important, but reviewing it is equally important.
A will should be reconsidered when significant circumstances change.
For example, you may need to review your will after:
- Marriage;
- Divorce or separation;
- The birth or adoption of a child;
- The death of a beneficiary;
- The death or unavailability of an executor;
- Acquisition or disposal of significant property;
- Starting or restructuring a business;
- Receiving a substantial inheritance;
- Moving to another country;
- Acquiring assets outside Nigeria; or
- A significant change in your wishes concerning beneficiaries.
Regular reviews can help ensure that your estate plan continues to reflect your intentions.
What Happens If You Die Without a Will?
When someone dies without leaving a valid will, they are said to have died intestate.
The administration and distribution of the estate may then be governed by applicable succession laws and rules.
This can create additional complexity, particularly where there are multiple family members, substantial assets, competing claims or complicated ownership structures.
Dying without a will does not necessarily mean that your family will receive nothing. However, it may mean that you have left important decisions to be resolved through the applicable legal framework rather than clearly expressing your own wishes.
That is one reason why making a will can be an important part of responsible estate planning.
A Will Is About More Than Who Gets What
Many people think of a will simply as a document stating who should receive their property.
Estate planning can be much broader.
It can involve considering:
- Who should administer your estate;
- How your assets should be distributed;
- How particular assets should be dealt with;
- Your business interests;
- The interests of your children and dependants;
- Potential family disputes;
- Property ownership structures;
- Assets located in different jurisdictions; and
- Whether your overall estate-planning arrangements are consistent with your wishes.
The objective is not merely to create a document. It is to create a plan that is legally sound and capable of being properly administered.
The Best Time Is Before a Crisis
Perhaps the most important lesson is simple:
Do not wait for a health crisis, old age or a family dispute before thinking about your will.
Estate planning is easier when it is approached deliberately, calmly and without unnecessary pressure.
Making a will does not mean that you expect something bad to happen. It means that you have taken the opportunity to make your wishes known and reduce uncertainty for the people who may eventually have to administer your estate.
Your circumstances may change over time, but your estate plan can change with them.
Final Thoughts
There is no universal age at which everyone should make a will.
For many people, the right time is when they acquire meaningful assets, establish a family, start a business or experience another significant change in their circumstances.
For others, the right time may simply be now, because they have never formally documented their wishes.
The important point is not to wait until it is too late to make decisions about matters that could have been addressed earlier.
A carefully prepared will, supported by appropriate estate-planning advice, can provide greater clarity, help reduce uncertainty and make the administration of an estate more orderly.
Estate planning is not only about preparing for death. It is about taking responsibility for the future of the people and assets that matter to you.
A publication of Edidiong Akpanuwa & Co.