An often asked question is : Why do I need to make a Will?

The most basic answer is : To ensure what you own is left as you wish, not how the state dictates it through the laws of intestacy.

If you have a young family and children under the age of 18 you should make a Will and appoint Guardians and Trustees for them, these are the persons who would take your place in the event that something happened to both parents and/or their legal guardian.  You should pick that person, not leave it to your families to maybe fight over.

Making a Will gives you the choice as to who gets what, after all you earned it, so you should be able to decide who gets it.  Barring the fact that your spouse has a legal right share and that any child can take a Section 117 Application under the Succession Act,1965 if it feels hard done by, you are pretty much able to do as you please.

You can choose who is the best person to look after your affairs by appointing your executor, this will give piece of mind to those left behind.  It speeds up the process.

You should ensure that your estate is left in the most tax efficient manner possible.  If no Will is made then the law decrees how it will be divided up and that might not be in the most tax efficient manner, do you really want to give more to the state than you have to.

It is more cost effective and quicker to take out a Grant of Probate, where there is a Will, rather than a Grant of Adminstration, which might involve the cost of taking out an Administration Bond with an Insurance Company and is a more lenghty process.

There are no down sides to making a Will, only plus points, when compared to the “I do not need one approach” which often leads to delays and family in-fighting.

Making a Will can also be of benefit to your chosen charity and we have teamed up with www.mylegacy.ie for Best will in the world week, commencing the 22nd October 2012, so check out their website to get good ideas.

 

Your Last Will and Testament