WILL SOLICITOR CORK DUBLIN
The Importance of Making a Will – Will Solicitors based in Cork and Dublin
Making a will is one of the most important steps you can take in securing the safety and security of your loved ones into the future. There really is no good reason to procrastinate, and in this article I’m going to talk you through the many important reasons why making a will is important to do right now. If after reading this article, you are ready to take the first steps, please get in touch with our will and probate experts here at Walsh and Partners based in Cork and Dublin.
Will Solicitors Cork and Dublin
In the event that you neglect to make a will, the state has the authority to dictate who is entitled to any assets you may leave behind. When someone dies without leaving a will the rules of intestacy will apply. These rules govern who is entitled to receive any property and savings and could go against any wishes you have. This works by a set of rules that list the people who may be entitled to receive shares of any property or savings you have. These rules will also dictate the amount of these shares and the order in which individuals are entitled to receive them. You will want to avoid this situation to ensure those who are most important to you are included in your will.
Here are the rules mentioned above:
- If upon your death you leave a spouse or a civil partner, your entire estate will pass directly to them automatically.
- Where you leave behind a spouse or civil partner and children, the estate will be split. Two thirds will be left to the spouse or civil partner and one third will be split between any children equally.
- In instances where there is no spouse or civil partner and where there are children, the estate will be divided equally between any children.
- If you have no civil partner, spouse or children, your estate will be equally divided between any brothers or sisters.
- In the eventuality that you die without leaving a spouse, civil partner, children or brothers and sisters, your estate will be divided equally amongst any nieces or nephews.
- Where you have left no living relatives, your entire estate will automatically pass to the state.
Let’s take a look at some examples:
Mary dies without making a will, leaving behind a husband and four children. Because she has not made a will, her husband is automatically entitled to 8/12ths of her estate and her children will receive 1/12th each.
John dies at the age of 73 and never took the time to make a will. He did not leave any children behind and was never married. At this stage in his life, his parents have also passed away. John does however have relatives scattered to the four corners of the globe, many of whom he has never met or spoken to. These relatives will receive an equal share in his estate despite never haven met or spent time in his company. We can see clearly in this example the importance of making a will to ensure those closest to John in his life are represented.
Making a will is important for a number of reasons. Once of the most important aspects of this practice is choosing who will administer your estate (an executor). When you make your will, you will be asked to name someone that you trust to do this. This person will be responsible for ensuring your wishes are carried out in a suitable manner. Where you neglect to make a will, the executor role will be chosen under law and may be an individual that you would not have chosen yourself.
Making a Will, Cork
When you make a will, you also get to choose who will inherit precious items or keepsakes that mean a lot to you. Whether you have a car, item of jewellery or special piece of memorabilia that you would like to leave for someone special, these can all be addressed in your will.
Where you have young children, it is vitally important to put a will in place immediately. Ensuring their care and security in the event of your death is one of the most caring and supportive things you can do. You may want to establish a trust fund or appoint guardians, neither of which should be left to chance. Children with special needs in particular should have safeguards in place to ensure their care in the event of death of a parent.
In the event that an asset is not mentioned in your will, this will become part of the ‘residue’. The ‘residue’ is the term we use to describe items that are left of the estate once deductions have been taken for debts, legacies, tax and expenses.
The importance of making a will with a will expert cannot be overstated. An appropriately drafted will can have a huge impact on inheritance taxes and may reduce any liability to those who survive you. Any cost associated with making a will is minimal when compared to the savings that can be made on taxes further down the line.
In some instances you may also want to create a ‘life interest’ within your will. A life interest will allow a nominated person to inhabit a property or receive the income from a property for the duration of their lifetime. Once this nominated person has passed away, the property can then revert to another person of your choosing.
If you are not married or in a civil partnership but are living with your partner, you will need to make a will to provide for them in your estate. Without this important document you could find that they receive nothing after your death.
Will and Probate Solicitor Dublin
For those of you who own a family business and have passed the running of the business to a child, you will want to make a will to ensure the business stays with them in the event of your death. Where a will is not in place, this can leave the child in a vulnerable situation if the business is passed to someone else or divided.
It is only natural that we get a bit nervous thinking about our own deaths and this can result in a reluctance to take the first steps towards writing a will. Unfortunately, death is one of the only things in life that is guaranteed, so we do need to take steps to ensure our loved ones are provided for. At Walsh and Partners, we will provide you with the very best advice when drafting your will. The very best bit of advice we can give you now, is to not put this on the long finger any longer. The process does not take long and will leave you with a sense of relief and security for the future of your family and those you care about most.