Whether you are reveling in affluence or wallowing in indigence does not matter to death. It can yank you off planet earth any moment. Death is not only meant to hound the bald-headed, the grizzled, the ailing or the aged. It also kills the most intelligent. It sends the moron to the great beyond. No one ever ascertains when it calls. Even though human existence is replete with ground-breaking researches, findings have yet to unravel the mystery of the suddenness of death.  

Assume it hacks you down. How prepared are you? How secured are your patrimony.  Isn't it important that you spell out how your assets will be distributed and how your dependants will be cared for after taking your bow?  Identify who will inherit your estate now by writing your will.

Why it is necessary to have a will
Regardless of your age and circumstances, it's essential to have an up-to-date will. This ensures your wishes will be accurately carried out after your death, and your assets will be distributed to the people and causes you care about. Having an up-to-date will means your loved ones won't need to make difficult decisions about distributing your estate.
Barrister Nkire David of Folasowemimo Chambers Lagos, describing will as a testamentary statement that spells out how a person wishes to bequeath his property or estate, both tangible and intangible to the beneficiaries, says you can write your will anytime in as much as you are still living.
Speaking further he adds that the art of writing a will has been in existence before the advent of the colonial master even though it was in oral form. This was modernized when the British came. According to Sowemimo, a will must be written when the writer is of sound mind. It must not be written under duress; hence the will becomes none and void.

Stating how a will should be written, barrister Chimezie Ahamefule Peter, principal partner of AP and Company, Kirikiri Lagos, says an individual himself can prepare a will in as much as it is written in accordance with the rules guiding it and found to contain essential language. To be valid, a will must comply strictly with your state law. That law might require that a will contains specific language, be signed in a particular way, and have a certain number of witnesses.

Only about half the states recognize "homemade" wills. Even in these states, your homemade will may not stand up in court if it contains language that could be easily misunderstood. If a disgruntled family member attacks your homemade will in court, he could have the entire document declared invalid. If this happens, the state would distribute your property as if you did not have a will.

The will after being prepared must be signed by two witnesses and signed by a lawyer. The two witnesses need not see the content of the will. A copy of the will must be deposited at the probate court while a copy is also kept by the writer. Ahamefule says if you find that your circumstances have changed significantly, it may be necessary to have your will re-written.  However, if the changes or additions are minor, you can speak to your solicitor about a simple addition or codicil (an amendment or an addendum) to your existing will.

What You Should Know
Distribute your property. If you establish what is called a "testamentary trust," your assets will automatically be distributed to the people you specify. Otherwise, your property will be distributed under the supervision of a Probate Court.
Name guardians for your minor children. You will need to appoint a guardian to care for children who are younger than 18. You also should appoint a guardian for any child who will be unable to care for themselves in adulthood. A guardian will raise your children until they reach maturity. If your children are young, consider naming alternate guardians who can step in if your primary guardian dies or becomes disabled.

Create a trust if any minors will be inheriting your assets. This trust specifies the age at which the child will receive his or her inheritance. It also appoints a trustee to manage that inheritance until the child takes possession.
Choose an "executor." The executor will manage and settle your probate estate according to your instructions. Make certain the person you choose as your executor is both willing and able to serve. It is sometimes wise to designate two executors who can work together to settle your affairs. One executor could be an individual, like a family member or close friend. The other could be a bank or an attorney with legal and financial expertise.

If you die without a will (called "intestate") the Probate Court will appoint an administrator to oversee and manage your estate. The administrator's duties can include distributing your assets and naming guardians for your children. Be aware that the administrator is guided by local laws, not your wishes, when he or she makes decisions about your estate.
The court may require that the administrator be bonded to ensure that he properly performs the required duties. Your estate will pay the bonding fee, the administrator's fees, and other legal fees.
 How to write a will
When writing a will consider the following steps
List your Assets:
Write a list of all your personal assets including houses, land, shares, bonds, vehicles, jewellery, bank accounts, retirement account, investment account, antiques, collections and anything of value, as part of your prudent estate planning or retirement planning. Appraise the value of all your assets, so you have an ideal of your net worth. This is important in a country that has inheritance tax or estate duty/estate tax.
Find out whether there is any Inheritance Tax or Estate tax in your country of residence:
List Your Beneficiaries:
These are people who would benefit from your assets. Usually, they are family, relatives and/or friends, but it may include charity organization and others.
Decide on the Asset Allocations to the Beneficiaries:
This is the part where you determine who gets what. You may specify the portion to each beneficiary as a percentage of your asset worth. It may not be ideal to specify a specific dollar value as the value of your assets may change over time. For individual items, such as jewellery, vehicles, antiques, etc, provide a detail description and specify the beneficiary for each item. To prevent misunderstanding, unhappiness or uneasy feeling among the beneficiaries, you are encouraged to specify the reasons for your decisions or allocations.

Decide on the Executors:
The executors are the people who will execute your last will and testament.
When writing a will, do spend some time to seriously consider the executor/s that you want to appoint. Usually it is wise to have two executors who you can trust, are honest and are capable of executing your written will. One of the executors can be the beneficiary or spouse, but complement it with another executor who is not a beneficiary. If you have selected your spouse, do take into consideration the emotional loss, stress & anxiety that your spouse has to go through as a result of your departure.
Alternatively, you can appoint a trust corporation to be your executor.
Decide on a Guardian:
You should nominate a guardian if you have a child or children below the age 18, in case both your spouse and you pass-on together. If you did not appoint a guardian, the court or a judge will appoint a guardian whom might not get along well with your child/children. The court-appointed guardian may not possess the criteria or values that you seek in a guardian. So do consider seriously the person taking on this role before you make a will.  Guardian is most likely to be your relatives or friends who know your family well and preferably who knows your child/children

Once you have decided on the guardian, please obtain his/her consent first before writing your will and testament.
Decide on how you can cover the cost for caring and raising your children and include it in your legal WILL and testament. Include an alternate guardian in your written will, in case the primary guardian cannot take on the role. .
Select an Estate Guardian or a Trustee:
If you decide to separate the role of parenting from the role of managing your assets, then you may want to decide whether you should appoint an Estate Guardian or set up a trust and nominate a trustee to manage your estate. You may include in the trust the risk the trustee should take in managing and invest the assets or the asset allocation for each investment. A trust can also set up guidelines for distributing funds for education, home-buying and other activities. Similarly, you may wish to set guidelines for the Estate Guardian.

Decide where to keep your will
After making a will, many people keep their last will and testament with a solicitor firm. Others keep it in a bank safe or home safe or drawer/cupboard in the home.
Once you've decided on the location, do ensure that it is accessible to your loved ones or executor.
Inform all your loved ones about the will location
Once you have decided on the location of your last will and testament, it is important to inform and update your loved ones on the latest will location. Do remember that your will can only be executed if it can be found. Many solicitors around the world will tell you that a significant percentage of legal wills are not executed because they cannot be found. Many people find it easy to register their will location with a well-known will registry.

That way, regardless of where they are in the world, their loved ones can always check the will registry