According to a recent survey, 7 out of 10 Irish people have not made a will.
The survey, conducted by life, pensions and investment company Royal London of 1,000 Irish adults nationwide found that 36% said they do not have a will in place, with another 36% “putting it on the long finger”. 29% believe that starting a family would be the perfect time to create a will while 23% believe the right time is when buying a house. However, the best time to write a will is now.
So, why is it so important to “get your affairs in order”? Well, the list is endless we list the top 5 reasons below:
- Most obviously, and importantly, having a will in place provides legal clarity over what a person wants to do with their estate and assets after the die. Without a will, the law determines how a person’s assets are distributed.
- When a spouse dies, most people tend to pass on the estate in its entirety to their husband / wife. However, without a will, any assets not held in the joint names would pass under the Rules of Intestacy. This means that if you die without leaving a will and you are survived by a spouse and children your estate will be divided as follow- 2/3 to your spouse and 1/3 equally between your children. This can cause difficulties in relation to the family home and if children are under the age of 18 at the time of your death.
- Without a will in place it may make things difficult financially for the beneficiaries.
- By having a will in place it will ensure that you can engage in tax planning in order to minimise the inheritance tax liability of the beneficiaries.
- Peace of mind – knowing that you have provided written clarity around all of your wishes and assets relieves stress and allows you to put your mind at rest.
At Liddy Neilan, we advise executors, personal representatives and beneficiaries of their duties, rights and entitlements in relation to the administration of a deceased’s estate.
We also have experience in drafting and registering enduring powers of attorney and dealing with wards of court applications.
Call us today to discuss your will and wishes. We would be delighted to talk you through the process.