WHY SHOULD YOU MAKE A WILL?

 

Why work hard to acquire your property and then leave it to chance, when you have every opportunity to decide who should get to enjoy it after you die? By failing to make a Will, you leave the control of your estate, to be administered in accordance with the rules on intestacy, which may not be what you want. In Ghana, the Intestate Succession Law, 1986, regulates your estate if you do not leave a Will.  These rules determine inheritance, based on the decease’s next of kin set out in order of priority. This may have serious repercussions, as it may leave your loved ones out of your estate.

 What is a Will?

A will is a legal document that allows a person to leave instructions on who should inherit property, money, and other earthly possession when he or she dies.  A Will can also be used to give other instructions not relating to your property.

The Wills Act in Ghana regulates the making of a Will by providing that it must comply with certain requirements. Ordinarily, a person who can read and write ought to be able to write his/her will.  However, because a Will becomes effective upon one’s death, it is imperative to talk to a lawyer before writing your Will.  Your lawyer should be able to guide you on what to do to ensure that your Will is not thrown out for non-compliance with the law.

What are some of the benefits of making a will?

It is typical for people to associate making a Will with all sorts of superstitious beliefs. In some cases, making a Will can stir up some painful feelings or emotions a person may not be ready to handle. Though these factors may hinder a person from even considering the idea, the benefits of making a Will cannot be overlooked.

·         A Will allows you to appoint someone you trust as your executor to administer your estate. The executor will make sure your instructions are carried out.

·         A Will helps you to decide who should have your property, money, and other possessions and this can go a long way to prevent disputes between your family members and other loved ones.

·         A Will also allows you to rule out certain people who have no business taking any benefit from your estate.

·         A Will works to prevent the application of the Intestate Succession Act (PNDL 111) to your estate. This is important if you have young children or other persons outside your family who depend on you for financial support and you want to continue to support them in your absence.

·         You can also use your Will to give other instructions, which does not involve your property.

What are the legal requirements for making a Will?

To ensure your Will is valid and not thrown out by the court, your Will must comply with the legal requirements in the Wills Act. They include the following:

·         You must be 18 years or older

·         Your Will must be in writing

·         Your Will must be signed by you or by someone who has your permission to sign your Will on your behalf.

·         Your Will must be signed before at least two adult witnesses who are not taking any benefits from your will.

·         All the witnesses to your Will must be present at the same time when you append your signature or mark onto your Will.

Can you write your own Will?

Any person who is 18 years of age or above, who can read or write, is to write his or her Will.  However, this is not advisable if you have a medium to a large size estate. As mentioned earlier, a Will is a legal document hence the need to talk to a lawyer to guide you.

Whether you can write your own Will or not also depends on the type of Will and the size of your estate.  If your wishes are simple or you have a small estate, you may need a simple Will, in which case you may write it and have your lawyer review it.

However, if your instructions are complicated or your family dynamic is complex, your Will may also be a complex one in which case you will need to seek professional help.  For instance, if you have multiple nuclear families, grandchildren, ex-spouses that you are supporting financially, and other persons outside your nuclear and extended families that you want to make gifts to, your Will may fall into the complex category. If you want to set up a trust, or you have a property in another jurisdiction, you may have to seek professional help.

Getting ready to make your Will

When you are ready to prepare your Will, it is important to make an inventory of all your property with addresses, and other assets, this will give you an idea of what you own. It is also advisable to make a list of your possible beneficiaries, which may or may not include family. Plan on who you are leaving what to, this process will ensure you do not leave anyone out. A discussion with your lawyer on tools available for you to leave property and assets for the benefit of causes dear to your heart or charity can be helpful.