What is a Will?
A will is a written document which details a person’s wishes as to what is to happen to their property, money and personal belongings following their death. It may also contain directions about funeral arrangements, burial etc.,
Why do you need a Will?
- To ensure that your property and assets pass to the person(s) you wish to benefit following your death.
- To protect those to whom you owe a legal and/or moral duty of care e.g. spouse, children or other dependants
- To provide an opportunity to minimise possible adverse tax consequences.
- To ensure that your affairs are administered by your chosen person (namely the Executor).
Who can make a Will?
A person who is over the age of 18 years or is married, or has been married, and is of sound mind.
What is A Grant of Probate?
This is the document which issues from The High Court Probate Office proving the Will and the appointment of the Executor. This document allow the Executor gather the assets of the deceased (e.g. Money in the bank), pay and debts or liabilities, sell assets if required (e.g. property) and ultimately divide and allocate the estate to those entitled in accordance with the Will.
What is an Executor?
The person named in the Will whom the Testator wants to execute his or her wishes.
What happens if I die without making a Will?
Your estate will pass to those entitled as prescribed by law (i.e. your next of kin). The rules of succession are set out in the Succession Act 1965. This may not be in accordance with your wishes.
Can making a Will help reduce inheritance tax?
The making of a Will itself does not necessarily help reduce inheritance tax. However, a person when making a Will can decide to their leave their assets in such a way to reduce inheritance tax. The advice of a Solicitor and Accountant can be very helpful in this regard.
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Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice.
Disclaimer
This article contains general information based on Irish law and does not constitute legal advice nor is it intended to provide a comprehensive or detailed statement of the law.
For further information and advice in relation to this post, please contact us at info@astapleton.com or telephone 01 6797939.
