Should you make a will ?

Sep 23, 2022

22nd September, 2022

Well, should I do a will ?

  • A Will is a written legal document allowing you to decide who is to benefit when you die.  Otherwise, the Law decides your beneficiaries;
  •  
  • If you are married and have no children, then all your assets go to your spouse;
  • If you are married and you have children, then two-thirds of all your assets go to your spouse and one-third is split amongst your children;
  • If you are single, then your assets go to your parents, and if they are dead, then equally between your brothers and sisters.

Is that want you want to happen if you die, then fine

Benefits of making a Will –

  • You choose who looks after your funeral and your affairs;
  • You may need to protect someone vulnerable in your life e.g. adult with special needs, or addiction problems;
  • Protection for children under 18.  Even if you don’t have any money/assets, ask who will be their guardians if you have no will?  Important if 2 parents die or separation or single parent;
  • Allows for tax planning = €47,000 to my brother.  Tax Bill = €5,000.00.BUT, €32,000 to my brother & €15,000 to his wife.  Tax Bill = ZERO!
  • Allow for continuity of a business or farming enterprise;
  • No Will, usually involves more legal costs so less money for your beneficiaries.

 

Do I need a Solicitor to make my will ?

  • Nope
  • Buy one in a bookshop and fill in blanks;
  • Go online;
  • OR Go to Solicitor who knows what they are at
  • Better again, come to Holland Condon Solicitors Kilkenny and we will do it

 

Before you make a will, think about these :-

  • Write your questions + bring to your meeting with the solicitor
  • Wills are confidential ‘til death;
  • Wills are not fixed.  Can be changed anytime;
  • Best not to keep original Will at home.  Could get lost.  Could have controversial contents;
  • Tell someone you made your Will and where it is.  No need to disclose its contents;
  • You are free to deal with your assets ‘til you die e.g. “I give the red car to Mary”;
  • Be careful leaving specific assets to people;
  • For sentimental items and minor value items, do up your own list and give to Solicitor;
  • Have a list of your assets at home;
  • Spouses + civil partners rights. There is a legal obligation to leave something to your spouse/civil partner.  They are entitled to what is known as a “legal right share” = their minimum entitlement = ½ of the estate if no children and 1/3 if there are. Problem for separated –v- divorced persons.
  • Children and cohabitants rights = do not have an automatic entitlement to a specific share but have rights to seek redress in the courts if they can show they were not looked after in their life by deceased.
  • Review your will 2-3 years;
  • Pick someone you trust as your Executor and ask them.  Preferably younger than you;
  • I’ve no cash but want to leave cash to some people.  Could leave property to A with conditions to pay B, C and D €X;
  • I’ve had a stroke.  Can I make a Will?
  • My daughter insists on coming to the Solicitors office and staying during the consultation;
  • How much can I leave tax free to my beneficiaries (cash or value terms); €310,000 child, €32,500 blood relative, €16,250 no blood relationship.
  • I am unable to travel to Solicitor. Solicitors can go to you – it costs more !

 

CHECKLIST  FOR  PREPARING A  WILL

YOUR FULL NAME…………………………………………………………………..

Address …………………………………………………………………………………..

……………………………………………………………………………………………

Instructions in relation to burial (note this should be communicated to your family as your Will may not be read until after your funeral)……………………………………….

Executors Names + Addresses…………………………………………………….

FAMILY AND DEPENDANTS

Spouse/Civil Partner details

Children: Names + Ages (identify any Under 18)

…………………………………………………………………………………………….

Other dependants, e.g. co-habiting partner, aged parent or handicapped relation:

Guardians of infant children ………………………………………………………………

DETAILS OF ASSETS  House   Value: €………………………
Contents (insurance value) Value: €………………………
Bank/Building Society accounts Value: €………………………
An Post Value: €………………………
Business Value: €
Pensions Value: €………………………
Life Insurance Policies Value: €………………………
Other Property (e.g. stocks or shares) Value: €………………………

* Specify any assets (including house) that you hold jointly

* Specify assets subject to debts that are not covered by mortgage protection policies

* Location of your title deeds or share certificates

* Check with your credit union to see have you a nomination on your account

* Have you any foreign assets?

* Which of your beneficiaries have received or are likely to receive other benefits?

Format of a will =

Your name (including nickname) + address

Executors’ name

Cash legacies, (e.g. to relatives, friends, charities).

Bequests of specific property, (e.g. jewellery, furniture, etc.).

Any other special provisions (see “special circumstances”).

Residuary bequest (i.e. everything else you own).

Date of will.

Your signature and witnesses signature.

The Law Society of Ireland has more information on making a will – https://www.lawsociety.ie/public/Legal-guides/Wills–Probate/making-a-will

 

 

 

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