- Making a will is the only way you can be completely certain that your wishes will be carried out after your death. You can choose to leave sums of money or property to whoever you like subject to some restrictions. If you die without making a will (this is called intestacy) then that decision is made for you under the Succession Act. You can appoint someone trustworthy and capable of handling your affairs after you die called an Executor. If you die intestate, one of your family will have to apply to the Probate Office to be accepted as your Administrator and this can easily cause family problems.
- Making a valid will saves time and money for those left behind. It invariably leads to a faster and cheaper administration of your affairs through a Grant of Probate.
- If you have young children, you should always appoint, in your will, what are called “Testamentary Guardians/ Trustees”. These are people who you appoint who will look your children and their financial affairs, should both parents die at the same time leaving them behind. However, if you and your spouse died without having signed proper wills, then difficulties may arise between family members ending up in court.
- Making a will is the only way in which you can reduce any tax (CAT) payable by your beneficiaries by taking advantage of certain reliefs and allowances.
- Finally, it is nearly always the case that people making a will leave all their property to their spouse. On the other hand, if you die without making a will, your wife will only receive 2/3rds of your estate under the law if there are children.
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Phone: 071 9621846
The contents of these pages are provided as an information guide only. While every effort is made in preparing material for publication no responsibility is accepted by or on behalf of McCormack Solicitors for any errors, omissions or misleading statements on these pages or any site to which these pages connect.