18
Aug
Making A Will
Generally, people shy away from making a Will however it is probably one of the most important documents you will ever sign. Here are some very basic reasons to make a Will.
Firstly by making a Will you ensure that your inheritance or your estate will pass on to the people you want to receive it, otherwise known as the beneficiaries.
If you do not make a Will you will be relying on what is known as the Rules of Intestacy. These rules basically allow for your estate to vest in your next of kin upon your death and you may not want this to occur. If you do not make a Will however this is what will occur (at least under Irish Law anyway).
Secondly by making a Will you will prevent others whom you would not wish to benefit from your death accidentally inheriting.
Thirdly when you make a Will you will choose an Executor(s) who is/are the person/ people who will deal with your estate upon your death. You can choose somebody who is trustworthy and that you know will act on your wishes. If you do not make a Will your next of kin will be appointed to deal with your estate and you may not necessarily want this.
Fourthly and very importantly anyone who has children should always make a Will particularly if the children are under 18 years of age. By making a Will you can appoint guardians for your children firstly who will take care of the children until they reach the age of 18 or 21. You can also appoint trustees who will look after the financial arrangements for your children during that time. By appointing guardians and trustees you are giving great certainty to what should happen to your children on your death.
Fifthly you may have always wanted a particularly sentimental item to be given to a particular person and by making a Will you can ensure that this specific legacy goes to whom you want.
Also by getting professional legal, tax and financial advice when preparing your Will you can plan for any potential tax liabilities that may arise. This form of taxation planning is again particularly important where you are a parent or a sole income earner in the household. Should you not make a Will and seek the proper taxation and financial advice you could expose your beneficiaries to substantial inheritance tax upon your death which may result in them having to sell a family home for example.
Finally by making a Will you can set up various Trust schemes to deal with dependent children who may become dependent adults if any of your children have long term health issues into the future where they may require long term care. You can also set up Trust schemes to allow your assets to vest in the suitable future beneficiaries (grandchildren for example) even beyond the immediate beneficiaries lifetime.