WHY I FINALLY DECIDED TO WRITE A WILL

It dawned on me that death is certain and quite painfully so. We all wish it would come later rather than sooner, but we don’t really have control over that, do we? 

Perpetual succession

A corporate entity has a life that is separate from that of its shareholders and officials. This means that the business continues even after the death of its founders, shareholders or management. ‘Succession planning’ helps companies manage transitions.

The way I see it, a Will helps an individual to manage their affairs after their death.

The consequences of dying without a will

If I die without a Will, legal administrators will be appointed by the High Court to manage my estate - most likely be my mother and one of my sisters or two of my sisters. They will bury me upcountry. They will then proceed to wind up my affairs - wind up my law firm; close my bank accounts (the ones they know about); pay my debts (the ones they know about and with what they can find); sell or inherit my car and my household items etc. etc.

Since I have not given instructions to the contrary, they will do what they think is best.

But is that what I want?

As far as I can recall, I have never shared with anyone, let alone my “default administrators”, my deep appreciation for medicinal science and my desire to contribute towards continued research.

I would not want to see my law firm wound up because of my death.

I may want to gift my car and some of my personal possessions to specific people.

I may want to give whatever is left of my assets (after my liabilities are paid) to specific causes.

I may want to disclose some of my business ideas to specific people.

I may want to send special messages to people who have impacted my life in one way or another.

And what happens to those assets and liabilities which no one knows about?

How about property that is not obvious like intellectual property, domains, passwords etc.?

What next?

Having resolved to write a Will, I reached out to Leah Kiguatha, a family lawyer of many years’ experience. With my legal training, I can probably draft a Will but I thought it best to engage a specialist. These are some of the questions I asked her:-

What is the greatest advantage of writing a Will?

It gives you control over your hard-earned wealth beyond the grave and reduces conflict within the family.

What will happen if I don’t write a Will?

Your property will be up for grabs within the family and will be divided according to the cookie-cutter rules of intestacy without regard to your wishes, how hard you worked to get it and who or what matters to you. 

Aside from what I have already touched on, what else can be included in a Will?

1. How and where to be buried;
2. Appoint a legal guardian for your children – who will look after your children and the property that you want to benefit your children even if the guardian is to act jointly with the other parent of your children; 
3. Disclosures about whom you have already gifted in life and what you have gifted them with and whether they should, therefore, have more or less.
4. Notes or letters to your children;
5. Details of the people who owe you money;
6. How you want your body to be disposed;
7. Whether the remarriage of your spouse changes anything;
8. At what age your children may access their bequests;
9. Matters concerning your pets;
10. Whether you want to give someone a Power of Attorney over your affairs in certain situations e.g. over health care decisions and other matters of life including management of your assets? (In case you reach a point where you cannot make decisions for yourself e.g. due to medical reasons)

What are the common misconceptions about writing a Will?

One common misconception is that a Will is binding while you are alive. It is not. A Will only takes effect upon death and so you are free to change it until you take your last breath. Gifting someone something in your Will does not prevent you from selling it or doing what you wish with it as the Will only takes effect once you pass on.

Another misconception is that only the wealthy need to write a Will.

Conclusion

I really think writing a Will is the responsible thing to do. Death snatches us, a Will enables us to leave with some thought and order as to how our affairs will be handled after death.

PS: It is very unlikely that I will be able to answer any questions you may have as well as Leah Kiguatha would. Please feel free to reach out to her on LinkedIn or [email protected]. Be sure to let her know that I referred her with absolute confidence J. Thank me later.