New Year Resolutions: Making & Reviewing your Will and considering an Enduring Power of Attorney.
3 reasons why making and reviewing your Will should be top of your to-do list:
- A Will ensures that your wishes are carried out after your death.
If you die without making a Will your estate will be distributed in accordance with the rules of intestacy- this means that the people that you want to leave your assets to after your death may not actually receive them.
- It prevents avoidable strain and financial stress on your loved ones.
Having a Will ensures that the people you want to look after are taken care of and enables your loved ones to mourn your loss without the added worry of how your estate will be distributed.
- There may be an opportunity for valuable tax planning.
An experienced solicitor will advise you in relation to the various tax reliefs that may apply to your assets and beneficiaries to ensure that your estate is distributed in the most tax efficient manner possible.
Your personal and financial circumstances will evolve with time. It is important to keep your Will under review and to consider updating it to reflect changes in your circumstances and to avail of up to date tax advice.
How much does it cost to make a Will?
Making a Will is usually a quick and inexpensive process. The reward is peace of mind!
Have you considered an Enduring Power of Attorney?
An Enduring Power of Attorney (EPA) is a legal document which allows you to choose a specific individual (usually a close family member) to look after your personal and financial affairs in the event that for any reason you lose your mental capacity in the future. An EPA can be put in place at any time provided that you have full mental capacity. An EPA will only come into effect if you lose your mental capacity to make decisions. Because an EPA involves the transfer of considerable power to your attorney there are a number of legal safeguards to protect you.
We appreciate that you will have lots of questions. Feel free to phone Donal in Cashel (062 61288) or Máire in Cahir (052 744 12 44) for a confidential discussion.
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