We have will solicitors based in Dublin 9 to advice on the steps to making a will in Ireland. A will is a legal document which dictates what will happen to a person’s assets after their death.
In order to make a Will you must satisfy the following conditions:
- Be 18 years of age
- Be of sound mind
- The will must be in writing
- The will must be signed
- The signature must be witnessed by 2 witnesses.
If you own property or other assets, it is advisable to make one as it allows you to:
1. Keep Control
If you die without a will in place, your assets will be distributed according to the intestacy rules. Making a will ensures that you decide how your assets will be distributed after death.
2. Specify what happens to your assets after your death
Making a will enables you to specify exactly to whom your assets will be given on your death and the manner in which they are given, so that, for example:
- a partner or children from an earlier marriage or relationship may be provided for;
- gifts may be put in trust rather than left to beneficiaries outright. This could be for various reasons, be it to exercise control over assets that are being passed to children, to protect problematic beneficiaries from themselves;
- personal items such as jewellery may be left to beneficiaries of your choice.
3. Minimise inheritance tax
Inheritance tax is charged at 33% on the value of assets exceeding the threshold currently €280,000 from a parent to a son or daughter. Certain gifts such as gifts to spouses are not subject to inheritance tax. There are certain tax reliefs such as business relief and agricultural tax. Making a will enables the distribution of your assets to be structured in the most tax efficient way, so as to minimise your estate’s exposure to inheritance tax.
4. Appoint your executors
Your executors have the important role of administering your estate and making sure that your assets are distributed in accordance with your will. Making a will enables you to ensure that the most appropriate people are chosen to carry out these important tasks.
5. Appoint guardians for your children
If you have children under 18, it is advisable to appoint guardians for them should you and your spouse or partner die while they are still young. If you do not appoint a guardian the court will appoint a guardian on your behalf. Making a will allows you to choose the people who will be responsible for your loved ones.
6. Make specific funeral arrangements
Making a will allows you to set out your wishes for any specific funeral arrangements you might have.
MBsolicitors will draft your will in accordance with your instructions in the most tax efficient way possible ensuring that the tax your beneficiaries will pay, will be the minimum. As well as tax efficiency, MBsolicitors primary concern is that your wishes are upheld. You will receive expert advice so that your will is drafted so as to minimise the risk of contest.