Making A Will

The main advantage in making a Will is that you can set out in a clear manner what you wish to happen when you die.

If you die without having made a Will, your property will be distributed in accordance with the laws of intestacy. This may result in a distribution of your property which doesn’t reflect your wishes.

If you are considering making a Will, you should consider the tax implications of any bequests/devises you wish to make before deciding ‘who is to get what’. The question of whether or how much inheritance tax is payable depends on your relationship with the beneficiary and the value of the benefit.

You will also need to consider who to appoint as Executor(s). The Executor(s) will be responsible for the administration of your Estate.

For bequests/devises to children under the age of 18, you will need to appoint Trustees to hold the property on the children’s behalf until they reach the age of 18 (or later if you wish). Similarly, you can appoint somebody to act as Guardian to your children in the event they are under the age of 18 when you die.

Some difficult decisions may have to be made when drafting your Will. However once it’s done, you will have a clear legal document setting out your wishes.

If you have any queries, please e-mail rokeeffe@como.ie.