Who Should Make a Will
"Why should I make a Will? I won't be leaving anything behind, only debts!"
This is a comment Solicitors often hear when it is suggested that a client should make their Will. However everybody should make a Will regardless of their current financial means or circumstances.
If you die without leaving a Will your estate will be distributed according to the Succession Act, which is over 40 years old and may not necessarily take account of your particular circumstances. For example if you are living with a partner for many years, but are not married, and you die without making a Will, you may leave your partner in difficulties regarding their entitlement to a share of your estate.
You may consider that you have no assets at present, but if you have a young child or children your Will would specify your wishes in relation to trustees and guardianship of your children.
WHAT IS NECESSARY TO DRAW UP A WILL?
In order to draw up a valid Will, it should be in writing and there are certain legal formalities that must be complied with. We do not advise that you draw up your own Will as one mistake may invalidate the entire Will or a particular clause of the Will, resulting in your wishes not being complied with or perhaps being over-written completely by the provisions of the Succession Act.
Therefore it is essential to see a Solicitor to confirm your instructions and to ensure that all legal formalities are complied with.
"I ALREADY MADE A WILL YEARS AGO"
You may have made a Will some years ago but your circumstances might warrant a review of your Will. One situation which often arises is where the children are now adults and provision has been made for some but not for others - for example by giving a site or a deposit on a house. It is a good idea to review the terms of your existing Will to see if changes need to be made to take such matters into account.
Another example is where you may have bought property abroad and have made a Will in that foreign jurisdiction. It would be highly prudent to examine both Wills to ensure that one Will does not un-intentionally revoke another Will made in a different jurisdiction, and to ensure that they are compatible.
It is important when giving instructions for your Will that you discuss all of your affairs comprehensively with your Solicitor to ensure that they can give you best advise. It will be necessary to consider not only your own particular circumstances but also those of your spouse, partner or children, and perhaps also of other parties, as the circumstances require.
Your Solicitor will also discuss with you inheritance tax thresholds and other taxation issues and will if required obtain specialist taxation advise in relation to your affairs. It may also be advisable to organise your affairs in a certain manner during your lifetime to avail of taxation reliefs.
If you have young children, it is essential to consider the appointment of trustees to manage your children's trust fund, in the event of the death of both parents. Such a trust fund would apply until your youngest child reaches at least the age of 18 years, or such other later age as you request. Since those trustees will effectively control your children's inheritance, it is important to choose wisely when appointing your trustees.
It is equally important to choose wisely when appointing or confirming your wishes in relation to guardians. Your children will live with and be raised by the guardians appointed by you. Not only will the guardians have to feed and clothe your children, but will also make all decisions regarding your children's education and medical treatment. The choice of guardian is perhaps the most important one which you will have to make.
If you own a business, it may be necessary to give your trustees additional powers to enable them deal with the business until such time as it might be sold or passed on to the next generation.
You also might wish to leave a specific gift or bequest to other parties or to charities. Your Solicitor will advise you in relation to such matters and also in relation to any tax implications of such bequests.
Your Will can be changed at any time during your life, provided of course that you continue to be of sound mind, and can be changed by writing a new Will or signing a Codicil to an existing Will.
It is essential that all of your circumstances are considered when drawing up your Will. If you wish to discuss matters further, please contact us. Now is a good time to make that appointment!
This is a comment Solicitors often hear when it is suggested that a client should make their Will. However everybody should make a Will regardless of their current financial means or circumstances.
If you die without leaving a Will your estate will be distributed according to the Succession Act, which is over 40 years old and may not necessarily take account of your particular circumstances. For example if you are living with a partner for many years, but are not married, and you die without making a Will, you may leave your partner in difficulties regarding their entitlement to a share of your estate.
You may consider that you have no assets at present, but if you have a young child or children your Will would specify your wishes in relation to trustees and guardianship of your children.
WHAT IS NECESSARY TO DRAW UP A WILL?
In order to draw up a valid Will, it should be in writing and there are certain legal formalities that must be complied with. We do not advise that you draw up your own Will as one mistake may invalidate the entire Will or a particular clause of the Will, resulting in your wishes not being complied with or perhaps being over-written completely by the provisions of the Succession Act.
Therefore it is essential to see a Solicitor to confirm your instructions and to ensure that all legal formalities are complied with.
"I ALREADY MADE A WILL YEARS AGO"
You may have made a Will some years ago but your circumstances might warrant a review of your Will. One situation which often arises is where the children are now adults and provision has been made for some but not for others - for example by giving a site or a deposit on a house. It is a good idea to review the terms of your existing Will to see if changes need to be made to take such matters into account.
Another example is where you may have bought property abroad and have made a Will in that foreign jurisdiction. It would be highly prudent to examine both Wills to ensure that one Will does not un-intentionally revoke another Will made in a different jurisdiction, and to ensure that they are compatible.
It is important when giving instructions for your Will that you discuss all of your affairs comprehensively with your Solicitor to ensure that they can give you best advise. It will be necessary to consider not only your own particular circumstances but also those of your spouse, partner or children, and perhaps also of other parties, as the circumstances require.
Your Solicitor will also discuss with you inheritance tax thresholds and other taxation issues and will if required obtain specialist taxation advise in relation to your affairs. It may also be advisable to organise your affairs in a certain manner during your lifetime to avail of taxation reliefs.
If you have young children, it is essential to consider the appointment of trustees to manage your children's trust fund, in the event of the death of both parents. Such a trust fund would apply until your youngest child reaches at least the age of 18 years, or such other later age as you request. Since those trustees will effectively control your children's inheritance, it is important to choose wisely when appointing your trustees.
It is equally important to choose wisely when appointing or confirming your wishes in relation to guardians. Your children will live with and be raised by the guardians appointed by you. Not only will the guardians have to feed and clothe your children, but will also make all decisions regarding your children's education and medical treatment. The choice of guardian is perhaps the most important one which you will have to make.
If you own a business, it may be necessary to give your trustees additional powers to enable them deal with the business until such time as it might be sold or passed on to the next generation.
You also might wish to leave a specific gift or bequest to other parties or to charities. Your Solicitor will advise you in relation to such matters and also in relation to any tax implications of such bequests.
Your Will can be changed at any time during your life, provided of course that you continue to be of sound mind, and can be changed by writing a new Will or signing a Codicil to an existing Will.
It is essential that all of your circumstances are considered when drawing up your Will. If you wish to discuss matters further, please contact us. Now is a good time to make that appointment!