Cahir & Co. Solicitors have considerable experience in providing expert advice on all aspects of the law regarding Wills, Probate and Estate Planning. This experience allows us to provide comprehensive assistance and support to our clients in dealing with any of the difficult issues that can and do arise in the course of the administration of an estate.
We understand that people often have certain queries or concerns in the initial stages of seeking advice from a solicitor regarding this area of the law and the following is a brief overview of some of these:
Why should I make a will?
There are a number of benefits to making a will with the main one being that it allows the individual to decide what is to happen to their assets on their death by means of a clear legal document and also choose who is to handle their affairs on their death.
If a person does not make a will, inheritance decisions are made under the law of intestacy.
The making of a will also allows a person to provide for the special needs of family members. Furthermore a person can engage in tax planning by means of a will to ensure that the minimum amount of tax is paid on death.
When should I make a will?
The making of a will is not just something to think about as one is getting older. It is advisable that people of all ages give it consideration but especially couples with young children. It is correct to say that only one will is effective on death.
However, a person may need to make a number of wills during their lifetime as their personal circumstances change.
At Cahir & Co. Solicitors we advise clients to complete a will for each life stage (whether a person is single, cohabiting, married or married with minor children).
If a client is engaged in tax planning, their will should be updated and reviewed as tax changes occur.
Can the State take my assets?
Yes it is possible, if the there is no will made and the person has no next-of-kin. If a person dies without leaving a valid will, the law determines how their assets are to be distributed. The State therefore decides on the person’s behalf what happens to their property in line with the law.
The nearest next-of-kin alive at the date of death of the deceased are entitled to inherit the estate and the law provides a list or order of priority in which persons become entitled e.g. spouse, children, parents etc.
In the event that the person has no known next-of-kin or any other person with an interest in the estate, the State as the ultimate successor can take their assets.
If I leave property to someone in my will, can I sell it during my lifetime?
Yes. A will does not become effective until the death of the person who made it. Therefore an individual who has made a will remains free to deal with the property as they wish during their lifetime and may sell or give it away. If the property is sold or given away, any references to same in the will have no effect.
Click here to view a Personal Asset Recorder
WHY COMPLETE THIS LIST?
Because your Executors/Next of Kin/Solicitor could spend many unnecessary hours trying to locate and identify possessions and essential documents after your death. Completion of this list could save your executors/next of Kin much time and therefore legal costs.