Why make a will?

The principal purpose of a Will is to protect and provide for your loved ones and to allow legal effect to be given to your wishes.

 

It also prevents unnecessary distress and expense to those loved ones the intention of the Deceased have not been properly recorded.

 

If any of the following apply to you, you should give serious consideration to making a will.

• If you are married and have children
• If you live with your partner but you are not married
• If a will is the only way to ensure that whatever you leave is distributed with the minimum delay
• If you are a homeowner
• If you set up your own business or firm
• If you are getting divorced or separated
• If you wish to leave some money/assets to your relatives
• If you wish to leave some money/assets to someone with disabilities.
• If you want to give some money/assets to a charity or a special cause.
• If you want to reduce the tax liability on your estate allowing you to leave more to your loved ones and favourite causes.

 

Basically, its purpose is to protect and to provide for your loved ones. It will also prevent unnecessary distress and expense to those loved ones if a will is not made.

 

We all own something, be it property, car, whatever and we all want to care for our loved ones after our death. Making a will gives legal status as to what you intend to do with your assets or possessions. Normally, it is to pass them onto your loved ones but you might also have some special requests and requirements.

 

Making a will can be straightforward, but more often than not, it can be more complicated than you realise. And for that you need a Soliclitor to guide you through the confidential process of making a will for the benefit of your loved ones.

 

The Ins and Outs of Wills

 

Executors

An Executor is chosen by you (and named in the will). They are responsible for ensuring that the will is acted upon correctly and all your assets are distributed according to your instructions. It can be a family member, a close friend or a even your solicitor.

 

Spouses and Children

Spouses and children are the immediate beneficiaries of any will. By law, where there is a will, a spouse has the legal right to half of the estate in question if there are no children. If there are children, then the spouse receives one third of the estate. It is up to the spouse to choose this legal right or what is set out in the will if different.

 

If no will has been made, then the spouse is entitled to all of the estate (if there are no children) or two thirds if there are children.

 

If children (under 18 years of age) are beneficiaries of a will, then Trustees may be appointed to handle the benefit until the child has reached adulthood. Provision can also made for the care and guardianship of your children. You may wish to see them being reared by a close relative.

 

Changing your will

 

You can change your will at any time.  The simplest way to change your will is by making a new one or adding a codicil.  A codicil shold be signed by you and must be witnessed by two people. There are many reasons why you may decide to do this (wedding, divorce, births, deaths).  You cannot write on a will to make changes.  This will make it invalid.

 

Making a will by yourself

 

You can make a will by yourself but it's advisable to seek professional help as you may make mistakes if you are not familiar with the legal terms.  Moreover, your intentions could be ambiguous and some errors could make your wil invalid.  Remember your will must be witnessed and any witness cannot be a beneficiary.

 

Cost of making a will

 

The complexity of your estate will determine the cost. However the average cost of the most common wills is €200 + VAT.  Before you make appointment it is a good idea to list the questions you would like answered as well as your instructions regarding your money and possessions.  You should also decide how you want your estated divided, as well as your choice of exeutors and funeral arrangements.