Why should I make a will?
Posted in [Resources] on Monday, March 15th, 2021
- Making a will allows you to decide who gets what.
- A properly prepared will ensures that your assets are allocated the way you intended. It allows the Executor of your will to distribute your estate according to your wishes.
- A will significantly reduces the chances of family, friends or business partners squabbling.
- Without a will the distribution of your assets is determined by the Laws of Intestacy. Members of your family or friends may not receive what you would have wished. It may even result in your estate being left in full or in part to the State.
HOW CAN CANTILLONS SOLICITORS HELP YOU?
- The Wills and Probate Department at Cantillons Solicitors are experienced in all aspects of wills and probate.
WHERE SHOULD I START?
- It is vital that your assets, their value and where they are located are recorded at the time you prepare your will.
- Taking time to complete your Personal Assets Record will ensure that your Executors will be able to find details of all your assets after your death and know where to find bank accounts, shares / saving certificates, deeds, life insurance policies and all other relevant and financial information.
- You should have all of these details available when making your will so that we can advise you fully on the legal or tax implications that could arise.
THE DRAFTING OF WILLS
- The drafting of a legally binding will ensures that your estate passes to your chosen beneficiaries.
- We will explain all aspects associated with making a will, including the role of Executors, Trustees and Guardians.
- We will advise you on the legal obligations to your spouse and children and provide advice that will minimise the tax exposure to those who benefit from your estate.
- We provide a caring and efficient service that includes home and hospital visits.
CAN I CHANGE MY WILL?
- You may change or alter your will at any time. It is good practice to review your will every three to five years.
- Where a person has not made a will or the will they have made is found to be invalid, that person is said to have died intestate.
- Where a person dies intestate their property is distributed according to the Laws of Intestacy laid down in the Succession Act 1965. Where some of those who would have inherited have died before the Testator, their children may be entitled to share in the estate.
DISTRIBUTION OF ESTATE ON INTESTACY
Spouse and children.
Spouse takes two thirds and children take remainder.
Spouse and no children.
Spouse takes whole Estate.
Children and no spouse.
Children take whole Estate.
Father, mother, brother and sister.
Each parent takes one half.
Parent, brothers and sisters.
Parent takes whole Estate.
Brothers and sisters.
All take in equal shares.
Nephews and nieces.
All take in equal shares.