Why make a Will?

Without a Will, a set of statutory rules (rules of intestacy), is imposed which effectively leaves everything to your legal next of kin in a fixed order. The intestacy rules pay no heed to tax planning nor do they provide for an unmarried partner, friends or charities you may have supported during your lifetime.

Another advantage of making a Will is that you choose the Executors of your Will, someone you can trust to administer your affairs after your death. This helps to avoid potential disputes as to who should administer your estate on your death.

Making a Will is inexpensive and will provide you with peace of mind.

Your Will only takes effect from the date of your death so you can change it at anytime should your circumstances change up to that time.

Considerations

• Choose executors who you feel are capable of carrying out the wishes of your Will.
• Keep a list of all your assets and liabilities so that your estate can be dealt with effectively.
• Choose Guardians/Trustees to take over the role as a parent where there are children under the age of eighteen.
• Consider carefully how your estate should be divided.
• Consider appropriate tax planning opportunities, which may be available.
• Consider using trusts in certain cases for example where you may not want your children to have full access to your estate until they reach a certain age.

Rights of Children/Status of Children Act

Your children are not given an absolute right to any share of your estate. They may however make an application to Court if they feel that 'proper provision' has not been made for them under the terms of your Will. This application is not restricted to children under 18 nor is it restricted to children of your marriage.

Capital Acquisitions Tax ('CAT')

CAT is tax on an inheritance and the current rate is 25%. The level of CAT to be paid depends on the relationship between the person making the gift/inheritance and the person receiving the gift/inheritance.

There are various reliefs and exemptions available which we would be happy to discuss with you.

Relationship	Tax Free Threshold 2010
GROUP A: Child, minor child of a deceased child, Parents in respect of certain inheritances, nieces and/or nephews who may have worked for you and subject to other conditions	414,799
GROUP B: Brother, sister, niece, nephew or grandchild	41,481
GROUP C: Recipients other than people in Group 1and 2.	20,740

Divorce and separation

Divorce or separation does not automatically extinguish succession rights unless the terms of the separation or divorce provide for it.

Joint property

Property held jointly with another person my pass to the survivor if the property is held as joint tenants. Property passes to the survivor regardless of the terms of your Will.

However, if the property is held as 'tenants in common' then your share of the property will pass under the terms of your Will.

Nominations

In the case of bank accounts or investments it may be possible to nominate who will receive the proceeds of any such nomination on your death. This nomination may take precedence over any provision in your Will relating to that particular account or investment. It may be possible to cancel such nominations to ensure that the proceeds will be dealt with under the terms of your Will.

Insurance or Pension Scheme

If you are a member of a company insurance or pension scheme, the entitlement to benefits on death will depend upon the rules of the scheme and may not be able to be dealt with under the terms of your Will. You should consult the appropriate person in your company or in the relevant provider of the scheme in order to investigate this.

Foreign Assets

If you own foreign assets or you are a non-national an Irish Will may not be valid to dispose with all or part of your Estate. Please let us know if this is the case and we will advise you accordingly.

Executors/Guardians

In your Will, the Executors are responsible for gathering your assets, paying debts and distributing your estate according to the terms of your Will. You should consider carefully whom you wish to appoint as your Executors and seek their confirmation that they will be willing to act as your Executors. You should be aware that should you choose to appoint people acting in a professional capacity they will be entitled under the terms of the Will to charge their fees for administering your estate.

The same consideration applies to the choice of guardians for your children.

Residuary Estate

After payment of your debts, gifts of money and specific gifts the remainder is called your residuary estate. You should always ensure that you nominate a substitute beneficiary or beneficiaries or otherwise your residuary estate will be administered in accordance with the rules of intestacy.

Review your Will

Once the Will has been completed you cannot make changes simply by amending it. There are technical rules in relation to the signing of a Will. If you wish to make a few simple changes such as the amount of money a person is to receive, then a document known as a Codicil may be signed. This is signed in exactly the same way as a Will. If the changes you wish to make are more significant, then it is best to make a new Will. This avoids any misunderstandings, which may arise after your death.

It is vital that you review your Will regularly as the taxation system changes regularly; you can contact us to review your Will at anytime particularly when your personal circumstances change, for example, if you marry or divorce, cohabit or separate or have children.