Wills and Probate Solicitor Cork City, Midleton and Dublin
Wills and Probate Solicitor Cork City and Midleton: Karen Walsh tells us why protecting your family and farm with a well written will is one of the most important things you can do when planning for the future.
You may be surprised by the amount of people who do not leave a will behind with directions for their wishes after they pass. Many may also never have the chance to do so or perhaps they may feel it’s something that can wait for another day. This should not be the case, leaving a will is one of the most thoughtful things you can do for your loved ones and will spare them from expensive legal costs should disputes arise.
Wills and Probate Solicitor Cork City, Midleton Main Street and Dublin
Perhaps consider making it your new years resolution to get your will sorted out in this coming year, it’s a step you won’t regret. When you die and leave behind a will, you are said to die testate in the law. Should you fail to leave a will there are certain rules that apply which determine who will receive your estate. These rules are called intestacy.
Unfortunately if we pass away without leaving a will, it can mean that our worldly goods could be distributed in a way that we may not have agreed with and is not in line with our wishes. Let’s take a look at the rules of intestacy:
1. Should the deceased leave behind only a spouse, the entire estate will pass to them.
2. Should the deceased leave behind a spouse and offspring, the spouse will receive just 2/3 of the estate whilst the children will be entitled to receive the remaining third. This may not be what you wish for, so it’s so important to leave a will in this instance.
3. Where no spouse or parent is left, all children will benefit equally from the estate.
4. When there are no children, spouse or civil partners to inherit, the sisters and brothers of the deceased will benefit equally.
5. Where no children, spouse, civil partner or brothers and sisters are existing, the estate will then pass to any nephews or nieces and they will benefit in equal shares.
6. Now this is where it gets interesting, when none of the above listed family members are alive or existing to benefit from the will, the state will seize the entirety of the estate and it goes completely into state ownership.
Making a Will in Ireland
At the time of making your will, you will need to decide who will be responsible for administering your estate and will. You may name more than one person, and it should be someone that you trust to carry out your wishes in their entirety. This person or persons will be referred to as the executors.
Wills and Probate Solicitor Cork and Midleton: The importance of making a will cannot be understated, taking care of your loved ones will be a huge relief to them at a time of huge pain and disruption. For those of you who are quite young and putting off making will, I would ask you to think twice, particularly if you have young children. Parents of children will want to make sure that in the event of their untimely death the children are placed with people they trust and love.
For farmers and landowners, Walsh and Partners Solicitors LLP specialises in wills that encompass all aspects of your estate and go into all the detail required to ensure the family or beneficiary can continue with the farm. Once a will is drafted professionally it can have a huge impact on the amount of inheritance tax that your family may have to pay and will minimise the costs for them.
None of us like to think about the inevitable, but unfortunately it comes to us all at some stage. It’s important that we look after those we love in the event that we pass, and leaving a will can release the burden from your family during a difficult time.
Call the team here at Walsh and Partners LLP to make an appointment about drafting a will. Make the New Year the time you finally get around to this vital piece of documentation.