1. You decide how your assets will be distributed on your death
If you don’t make a will, you are deemed to have died intestate and your estate will be distributed according to the rules set out in the Succession Act, 1965. This means that those who will get your estate might not be whom you want.
2. Children – You chose who will look after your children if you die.
If you have children under 18 years of age, they will need guardians – that is someone who steps into your shoes and parent the children until they are 18 and make decisions about their health, religion, education etc. if both you and the other parent are involved in a catastrophic accident and pass away at the same time..
When you make a will you chose the person for this role.
Also, children cannot hold property until they are 18 years of age. You will need to appoint at least two Trustees to look after your children’s assets until they come of age.
3. Smart tax planning – by leaving certain property to certain people you may be able to maximise reliefs under inheritance tax rules and minimise the tax liability for your beneficiaries.
If you die intestate – it is predetermined who gets what and it may not be the most tax efficient way to distributing an estate.
4. You choose who handles your affairs on death rather than having the law decide
The person you choose will be your executor. If you do not make a will the rules of Court will determine who is eligible to administer your estate.
Also, who can administer your estate will be dictated by Court Rules. Again, this may see a situation arise where someone you would not want will be looking after your affairs after your death.
Peace of mind-the peace of mind that comes from knowing that you are not leaving problems behind for your loved ones when you pass away is priceless. Making the first will is often the hardest.
If you want to discuss making a will contact either our Cahir or Cashel office and we would be delighted to schedule a meeting with one of our solicitors. Just do it.