A few years ago, a father of three passed away suddenly. He assumed that, as his wife and children were his next of kin, they would automatically inherit his assets. But because there was no legal document stating his wishes, his bank accounts were frozen, his wife was stuck in a battle over properties with his relatives, and had to rely on friends and loved ones for financial support.

Sounds like something out of a Nollywood movie, not something that happens in real life, right? Until it happens to someone close to you. I have seen a friend experience this; almost in a few months, their family goes from riches to rags. It wasn’t funny.

The truth is, no one likes to think about life after they’re gone. It feels uncomfortable, even unnecessary, especially when you’re still young and active. But avoiding the conversation doesn’t mean the need disappears. Especially in Nigeria, where the life expectancy in Nigeria is about 56 years, one of the lowest in Africa.

In this post, we’ll talk about why every parent needs a will, how to write a will, and how to ensure a smooth wealth transfer for your children. We also have a bonus for those that stick around till the end (winks).

What Happens If You Don’t Have a Will?

Many people assume that when they pass away, their money and assets will automatically go to their spouse or children. Unfortunately, that’s not always the case. If you die without a will, you leave your estate in the hands of family relations or the law — and the outcome most times is less than pleasant. Here’s what happens:

1. Your Assets May Be Frozen

When a person dies without a will, banks don’t just hand over their money to the family. Instead, the accounts are frozen until a legal process — known as probate — is carried out. This can take months or even years, leaving your family without access to the funds they might urgently need. If no family member claims the money for a long time and no legal action is taken, the money may eventually be transferred to the government or bank as unclaimed funds after a specified period.

2. It Can Lead to Family Disputes

Money and inheritance have been known to tear families apart. Without a clear will, disagreements can arise between relatives about who should get what. Siblings may fight over properties, extended family members may contest claims, and what should have been a smooth transition turns into years of court battles and broken relationships.

3. Your Children’s Future Become Uncertain

If both parents pass away unexpectedly without a will, the question of who will take care of the children becomes a legal matter. A court may appoint a guardian, and this may not be the person you would have chosen. Additionally, without a proper financial plan, your children’s education, welfare, and future security might be at risk.

Let’s talk about when to start writing your will. A lot of people think they have plenty of time and only need a will when something bad is about to happen. But that couldn’t be further from the truth.

When Should You Start Writing Your Will?

1. The Earlier, the Better

Many young parents postpone writing a will because they believe they don’t have “enough assets” yet. But even if you don’t own a house or have millions in the bank, your will can cover things like:

• Who will take care of your children if you and your partner pass away unexpectedly?
• Who inherits the money in your bank accounts, investments, or even belongings?
• How any debts or financial responsibilities should be handled.

2. Major Life Events Are a Good Time to Write or Update Your Will

If you’re not sure when to start, here are some key life events that should trigger you to create (or update) your will:

• Becoming a parent — The moment you have a child, it’s time to start thinking about their future security.
• Buying a house or property — If you own real estate, you’ll want to decide who inherits it.
• Starting a business — Your will can ensure that your business continues smoothly after you’re gone.
• Getting married or divorced — Your will should reflect any changes in your family structure.
• Receiving an inheritance or large sum of money — If you come into money, make sure it’s properly accounted for in your estate plan.

The reality is, no one plans for bad things to happen to them. But what if something were to happen tomorrow? Would your family know what to do? Would they have access to your accounts, investments, or properties? Would your children’s future be secure? Writing a will now means you won’t have to worry about these questions later.

What Should a Will Include?

Writing a will may sound complicated, but it’s actually pretty straightforward. Here are the key things your will should include:

1. Your Assets (What You Own)

Make a list of everything you own that has financial value. This includes:

• Bank accounts and savings
• Investments (stocks, bonds, mutual funds, etc)
• Properties or land
• Businesses
• Vehicles
• Personal valuables (jewelry, art, collectibles)

It’s helpful to keep an updated list of these assets so that your family won’t have to struggle to figure out what belongs to you.

2. Who Inherits What

Once you’ve listed your assets, decide how you want them distributed. For example:

• Will your spouse inherit your house, or will it go to your children?
• Do you want to leave some money aside for your parents or siblings?
• Do you have specific items (e.g., a car or a piece of jewelry) that you want to leave to a particular person?

Be as clear as possible. The more detailed you are, the less room there is for confusion or disputes later.

3. A Guardian for Your Children

If you have young children, this is one of the most important parts of your will. If you and your partner are not around, who will raise them? Naming a guardian in your will ensures that your kids will be cared for by someone you trust rather than leaving it up to the courts or your family members.

4. A Trustee to Manage Your Children’s Inheritance

If your children are minors, they won’t be able to manage their inheritance until they turn 18 (or older, depending on your country’s laws). You can appoint a trustee — someone responsible for managing the money on their behalf. This ensures that their inheritance is used wisely for their education, welfare, and future needs.

5. An Executor to Carry Out Your Wishes

An executor is the person responsible for making sure your will is followed correctly. They will handle legal paperwork, distribute your assets, and ensure that your instructions are carried out. Choose someone responsible and trustworthy, as they will play a key role in making sure everything runs smoothly.

6. Any Additional Instructions

Your will can also include special instructions, such as:

• Your preferred funeral arrangements.
• Any charitable donations you’d like to make.
• How to handle digital assets (social media accounts, online businesses, etc.).

7. A Witness & Legal Validation

For your will to be legally binding, it must be signed and witnessed according to your country’s laws. Often, you’ll need at least two witnesses who are not beneficiaries. You can also register your will with a lawyer or a legal body to ensure it’s recognized.

Beyond a Will — Other Ways to Secure Your Child’s Financial Future

Having a will is a great first step, but it’s just one part of the bigger picture. A strong financial future for your child isn’t just about passing down money — it’s about creating assets and opportunities that will set them up for life. Here are some additional ways to build lasting wealth for your children.

1. Buy Property or Real Estate in Their Name

Real estate is one of the most stable ways to build generational wealth. Buying land or property for your child means they’ll always have something valuable, whether they choose to live in it, rent it out, or sell it in the future. Here’s how you can approach it:

• Buy early: The sooner you invest, the more valuable the property becomes over time.
• Put it in a trust: If your child is too young to manage property, setting up a trust ensures the asset is protected until they’re old enough to make responsible decisions.
• Consider rental property: Owning a rental property can generate passive income, helping to fund their education or other needs.

2. Invest in Stocks or a Business in Their Name

• Stocks and mutual funds: Even small, regular investments in stocks can grow significantly by the time your child is an adult. I know a mum who has been setting aside ₦5,000 every month for a few years now-Just imagine how much she has accumulated for her son. You can also open a custodial investment account that they can take control of when they reach a certain age.
• A business in their name: If you have a family business, consider registering it in their name or giving them part ownership. As they grow, involve them in the business so they learn how it works and can eventually run it themselves.

3. Open a High-Interest Savings or Trust Fund for Them

Instead of just saving money in a regular account, look for high-interest savings accounts or trust funds that will help their money grow. A trust fund allows you to set rules on when and how your child can access the money, ensuring they don’t spend it all at once.

4. Get Life Insurance

Life insurance is one of the most overlooked ways to secure your child’s future. If anything happens to you, your policy can ensure that they have financial support for education, housing, and daily expenses. Look into policies that offer long-term security, not just immediate payouts.

5. Teach Financial Literacy

Beyond assets and accounts, one of the best gifts you can give your child is financial knowledge. Money can be lost, but financial skills last a lifetime. Teach them:

• The value of saving and investing.
• How to budget and manage money wisely.
• The importance of earning and growing wealth rather than just spending it.

A Gift of Peace of Mind

Many parents delay after-life planning because they feel it’s too complicated, too expensive, or something to handle “later.” But life is unpredictable, and the best way to protect your children is to plan while you can.

The key is to start. You don’t have to have everything figured out at once. Begin with a simple will, set up a trust fund, or start learning about investments. Each action you take builds a more secure future for your child.

What’s one step you can take today to ensure your child’s financial future is secure? A quick and easy start is signing up on Earlybean. The best time to secure your child’s future is now.

Bonus: By the way, we’re putting together a simple checklist to help you start after-life planning and have important conversations with your spouse or loved ones. Comment “Will” to be the first to get it when it’s ready!