It is important to make a will simply because if you die without a will, the law on intestacy decides what happens to your property and assets. A will can ensure that proper arrangements are made for your dependents and ensures that your assets are distributed in the way you wish. This will be subject to certain rights of spouses/civil partners and children under the Succession Act 1965. A well drafted will also enables you to minimize the tax burden on any beneficiaries by careful estate planning.
If a person dies without making a will, then they have died intestate. They lose all control over how their assets are to be divided. The Succession Act 1965 steps in and determines how their estate will be distributed. The law currently states that if one dies intestate leaving a spouse and children then the spouse will be entitled to two-thirds of the estate and the children will share the remaining one-third equally between them. A problem may arise if one has minor children because there may be no testamentary guardians or trustees appointed to protect their interests.
When making a will, the testator will appoint executors who manage their affairs and administer the estate after their death. The testator might also appoint trustees if the will provides for a trust to be set up.
For a will be to be valid in Ireland it must:
- be made by a person who is over the age of 18 years;
- be made by a person who is of sound mind;
- be in writing;
- be made by them voluntarily;
- be signed by the person in the presence of two witnesses who are not also beneficiaries;
- The will must include an attestation (signing) clause.
A will may be deemed to be invalid if the above requirements are not complied with. In such a case, the rules of intestacy will apply.
Death is not something people like to think about. It is however extremely important to obtain legal advice in the drafting of a will and advice on estate planning in order to ensure that your loved ones are provided for in accordance with your wishes.
If you have any further questions in relation to the above or would like any assistance in relation to drafting your will please contact us and we would be happy to assist.