Creating a Will in Ireland

CREATING A WILL IN IRELAND If you don't currently have a will organised, your loved ones may not receive the assets you wish to leave them in the event of your death. 82% 30% 34% 68% 37% 39% 44% 47% 57% 51% 4 1 6. 68% of people aged Only 34% of people living in Ireland have made a will 44% of those who 51% of those aged between 45 and 64 years of age have a will and 82% of those over age 65 years have not made a will 45-64 years who do not have a will intend to make one within the next five years intend to do so within (2012) the next five years have a will 3 10 But only 57% of those aged over 65 years who do not have a will Intend to make one within the next five years 37% of those in higher socio-economic Men (at 47%) are slightly more likely to want to change their will than groups have made a will in comparison women (at 39%) but this intention to only 30% from more disadvantaged groups decreases as men get older REASONS PREPARING A WILL IS IMPORTANT WHAT IS A WILL? E Setting up your family's future A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. E Independent advice from outside the famlly Save worry for the family The State won't have to step in Reinforces a famlly business If you dle without making a WilI TYPES OF WILL The law provides that your spouse is entitled to your entire estate if there are no children. Self-Proving/Testamentary Will A self-proving will, also known as testamentary will, is the traditional type of will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses. If you leave a spouse and children Your spouse gets two-thirds and one-third goes to your children. If you do not have a spouse Holographic WIlI Holographic wills are written without the presence of witnesses. They rarely hold up in court. Your entire estate goes to your children. If a child of yours dies before you, leaving children Then those children take their parent's share. Oral Will Oral wills are spoken testaments glven before witnesses. They are not widely recognised from a legal perspective. If you do not have a spouse or children Your parents are entitled to your entire estate. Living Will A living will has nothing to do with the If both parents are deceased distribution of assets, but rather sets forth your wishes for medical care in terms of life support should you become incapacitated. Then your estate is divided between your brothers and sisters (if any brother or sister dies before you and leaves children, then those children (nieces and nephews) take their parents share). WHERE DO I START? You do not have to have your will in any set format but it should contain the following: Record the basic information START Your Assets, their value and location Nearest Relatives Choose the Executor(s) Proposed division of your estate 4 Restrictions The law Imposes certain restrictions on how you may deal with your estate Special circumstances/assets e.g. beneflclarles under 18/substantial 6 land involved/beneficiary is disabled etc. DONE Funeral wishes HOW MUCH DOES IT COST TO MAKE A WILL? It is possible to create your own will through varlous inexpensive online tools. However it is strongly recommended that you engage the services a sollcitor. Legal fees typically start in the low hundreds (euro) THINGS TO REMEMBER HOW CAN THE IMPACT OF INHERITANCE TAX BE REDUCED? Changing or revoking your will If you want to change your will, you and your witnesses must sign or initial the will in the margin of the page beside the changes. You can also change your will in the form of a memorandum or written note that is signed by you and your witnesses that refers clearly to the changes. You may wish to plan the passing of your assets so as to minimise the tax that your beneficlarles have to pay. If so, Look at the rellefs and exemptions avallable The sound mind requirement In order to make a valid will, you must not only set out your wishes in a written and witnessed document, but you must also have, in the eyes of the law, the mental capacity to do so. 2 Look at dividing up your property to use all available tax free thresholds What if the testator is unable to sign or make a Look at how best your beneficlary can fund 3 mark? the tax If you are unable to sign your will due to III-health or illiteracy, it is acceptable for you to sign your will by means of a mark. REFERENCES [1] www.lawsociety.le/Pages/Consumer-Interest/Public-Information-Leaflets-CMS/Making-a-Will/ [2] www.businessinsider.com/why-you-should-make-a-will-2011-12 [3] www.investopedia.com/articles/pf/08/what-is-a-will.asp [4] www.mylegacy.le/go/news/3-10-2012-mylegacy-le-research-only-one-third-of-people-living-in-ireland-have-a-wilI [5] www.citizensinformation.ie/en/death/before_a_death/making_a_will.html [6] www.lawyer.ie/probatewlls HOME CARE PLUS www.homecareplus.ie trusted care at home LO