Wills

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Many people are reluctant to consider making a Will, believing it to be bad luck or tempting fate. At that same time, people generally do not have any objection to insuring their house (against the event of it burning down) or insuring their lives (against the event of they dying). When put in this context, not only is it unwise not to make a Will, it is negligent, in some respects, not to do so. This is in particular the case if a couple have young children.

Basically, anyone over the age of 18 and is of sound disposing mind can make a Will. (For detailed description see S. 77 of the Succession Act, 1965.) Ideally, everyone should make a Will, but especially if you have acquired property and/or married and/or have children.

By making a Will:-

1.	You place yourself in a position to provide for the disposition of your estate by means of a written document which will only comes into effect when you die.
2.	Disputes regarding specific assets can be avoided.
3.	It allows you to provide for the special needs of family members or relatives.
4.	If you don't make a Will you lose your opportunity to appoint a person (an Executor) whom you particularly trust to handle your affairs.
5.	In addition, your Estate will be divided in accordance with the Law of Intestate succession (in equal shares between nearest relatives - whether you liked or even knew them!) and not necessarily in the way you might have wished.
6.	Many estates only comprise the family home. If no will is made, the estate is divisible as to two thirds to the surviving spouse and one third to the children. This means that the spouse may not have control of the family home.
7.	Making a Will is easy . Provided you are clear about how you wish to dispose of your property, it can be done in minutes and the formalities are reasonably simple.
8.	A Will is not permanent . It can always be amended and only comes into effect when the Testator dies. Therefore, the Will may be changed as many times as is necessary prior to death.
9.	A Will is only made for the circumstances at the time the Will is made. If those circumstances change, then change the Will.
10.	A Will is confidential. Neither the beneficiaries nor the Executor are aware of the contents of the Will unless directed by the Testator.
11.	A Will can be tax efficient . With the relatively high tax rate and the increase in wealth in Ireland, tax advice can avoid Estates paying large sums of money in tax to the State.
12.	Making a Will gives peace of mind .

The most common situation that a will is made is by a married couple. Frequently, the simplest solution is for spouses to leave everything to the other spouse, as at present there is no tax on benefits passing between spouses.