Kelvin Ojomo, founder and chief executive officer of Seedwills, has called on Nigerians to link their bank and pension accounts to their wills, arguing that the existing next-of-kin arrangement does not sufficiently protect financial assets when account holders die.
Ojomo said in an interview with Nairametrics that research conducted by the company found that eight in ten Nigerians do not have a will. He linked the low uptake to widespread misconceptions that estate planning is expensive, complicated and reserved for wealthy or elderly people. With a population of more than 250 million, of which about 111 million are aged 18 and above, he said awareness of will writing remains far below what is needed.
A will is a legally binding document that sets out how a person's estate, including money, property and personal belongings, should be distributed after death, with a trusted executor appointed to manage the process. Without one, an individual dies intestate, leaving state laws and statutory formulas to determine inheritance, which Ojomo said often results in court delays and family disputes.
On integrating wills with financial accounts, Ojomo said the current next-of-kin system used by banks and pension administrators has not comfortably closed the gap. He argued that a will system properly integrated with banks, pension custodians and other financial institutions would give account holders greater peace of mind by securing pensions, finances, shares and other financial instruments in the event of death.
Ojomo noted that Nigeria does not yet recognise digitally signed wills. Seedwills, he explained, helps users understand and generate a will document that must then be physically signed by the testator and witnesses before being lodged in the appropriate courts. He described technology as a key reform that could reduce the time and cost of probate, pointing out that some countries already permit online lodgement and digitally signed wills.
On pricing, Ojomo said the platform's starting price is N29,000, a level set with reference to Nigeria's minimum wage to make will creation accessible. He stressed that Seedwills is a technology firm, not a legal company, and does not practise law. The platform may advise some users with complicated family situations to consult a lawyer directly.
