A legal Will ensures that your Estate will be distributed in the way you want it to. It allows you to record gifts to particular members of your family, friends or organisations like charities, ensuring that your Estate does not go the Treasury. Most importantly a Will planned with tax efficiency in mind will ensure that the tax burden on your Estate is minimised. When should you make a Will? Everyone over the age of 18 should make a Will. The benefi t of a legal Will is that you will have the comfort of knowing that your personal wishes will be carried out in the event of your death.
Yes, you can. The danger is that you may overlook something which will either create confusion or affect the impact of inheritance tax. You could,for instance, express a wish which is not legally enforceable. Your professional advisers will help to ensure that your Will addresses all of the relevant issues. Should I make a new Will if I now wish to leave an extra gift to a charity? If it's a straightforward bequest, you should simply be able to make a Codicil to your existing Will rather than having to create an entirely new one. What is the effect of Inheritance Tax? Your Estate may be subject to inheritance tax. The level above which inheritance tax is chargeable tends to be varied upwards by a marginal sum in the annual Budget. Before the tax is calculated, the value of bequests to your spouse or to a registered charity are deducted from your Estate.
We suggest that you should identify someone who you feel is reliable - most people choose members of their family as executors of their Will. Whoever you choose, you should ask them if they are prepared to serve as your executor before appointing them formally. It is possible also to appoint your bank manager, solicitor or accountant as executor as this will avoid problems if your other executors die before you. However, professional executors are likely to make a charge for their services.
Yes. It is very important that you should make a new Will as soon as you marry.
If you don't have a valid Will on your death, your personal wishes may not be implemented. The law will decide what happens to your Estate. This may mean that your intended beneficiaries receive nothing. If you die intestate and without a living relative, your Estate will go to the State.
The information contained in this guide is not an exhaustive statement of the law. It is of general application and may not fit your particular circumstances. You should always consult your professional advisers before making a decision.
For further information or to receive a Will Writing information pack please contact us
Phone: 057 8731071
Home visits or talks to groups can also be arranged.