Why make a will?
The purpose of making a Will is basically, to protect and to provide for your loved ones. It will also prevent unnecessary distress and expense to your relations and loved ones which can often occur if a will is not made. We all own something, be it property, car, whatever and we all want to care for our relations and friends after our death. Making a will gives legal status as to what you intend to do with your assets or possessions.
Normally, it is to pass them onto your relations and friends but you might also have some special requests and requirements.
Making a will can be straightforward, but more often than not, it can be more complicated than you realise. It is important that you consult a solicitor who can guide and advise you through the confidential process of making a will for the benefit of your loved ones.
Who should make a will? & why?
- You are married and have children
- You live with your partner but you are not married
- Whatever you leave is distributed without delay
- You are a homeowner
- You set up your own business or firm
- You are getting divorced or separated
- You wish to leave some assets to your relatives
- You want to give some assets to a charity/special cause.
- You want to reduce the tax liability on your estate.
What if I don’t make a will?
If you don’t make a Will then the estate will normally be administered by your closest relative and your property will be distributed in accordance with the law of the land. The rules governing intestate succession for deaths occurring on or after the 1st January, 1967 are set out hereafter with the order of entitlement placed in brackets.
Probate means proving a Will and can be done using the services of a Solicitor or by direct Application to the Probate Office. A Grant of Probate gives legal authority to the Executor to administer the estate of a deceased person.
As the Will only has legal effect when a person passes away the proving of a Will is an important process to verify the validity of a Will. Probate is also used to describe the administration of an Estate. The steps include the gathering of information, establishing the assets and liabilities of the Estate; dealing with ongoing issues, such as the running of a business, the insurance of property and so on. Formal returns must be made to the Revenue Commissioners to vouch the value of the estate. Documents must then be lodged with the Probate Office to apply for the Grant of Probate itself.
Kelly & Griffin Solicitors Dublin
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