Legally Speaking
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Legally Speaking

IMPORTANCE OF MAKING A WILL

The main purpose of a Will is to protect and provide for your loved ones and to set out how you wish your possessions to be distributed on death. It is a means of providing for family, friends and relatives and also prevents unnecessary distress and expense to your loved ones after your death.

By making a will you can:

- Appoint Executors to deal with all your property and belongings.
Your Executors administer your Will and gather the assets of your Estate and ensure that your Estate is distributed according to your wishes. It is usual to appoint two Executors in your Will in case one is unwilling or unable to act. One or more of the Beneficiaries of your Will may act as your Executors if you so wish.

- Appoint Guardians for your minor children.
Your Guardians are responsible for making decisions in relation to your child’s upbringing such as their education, health, religious and moral welfare.

- Set up trusts for your children.
Your Trustees hold a more financial role. Your Trustees hold the Assets of your Estate on trust for your Children and you can give them powers to advance some of the Trust fund to your Children as this may be necessary for your children’s maintenance and education.

The process of making a Will is neither time consuming or expensive. For a Will to be valid in Ireland, there are a number of formalities such as:

  • The person making the Will must be 18 or over (or be married);
  • s/he must act of his own free will;
  • s/he must be of sound mind and understand the effect of making his/her will;
  • the Will must be in writing and signed at the end by the person making it;
  • the signature must be written in the presence of two witnesses, who must both be present at the same time and the witnesses must sign the will in the presence of the person making it;
  • a beneficiary under the Will cannot be a witness to it.

It is also essential that you amend your Will in the event that your circumstances change in any way. For example, your will is revoked in the event that you subsequently marry unless the will was made with that marriage in mind. You can change your Will at any time.

Given the significance of making a Will, it is important that your Will is legally correct. It is therefore recommended that you should seek legal advice before signing your Will in order to ensure that it is a valid Will and to advise you of the legal and tax implications of your Will. With legal advice, you may also reduce the amount of tax payable by your beneficiaries.