Creating a Will
Creating a Will is one of the most important things an individual living in Ireland can do. Wills provide instructions for how legal, physical and digital possessions/assets should be divided and managed after a person dies. Not having a Will could mean that the personal wishes of the individual may not be fulfilled and, in some cases, resulting in legal disputes between the deceased’s family members.
One of the primary reasons to create a Will is to ensure that the estate of the deceased is distributed in an orderly fashion according to the wishes of the deceased. Wills are legal documents which allow individuals specify how their assets should be split among their heirs, as well as appointing guardians or trustees for minor children or funds left to them. This helps to ensure that family members are not left suddenly and unexpectedly without access to the resources they need. It is also important to create a Will because it helps to ensure that the deceased’s final wishes are respected.
A Will allows individuals to designate beneficiaries, name executors, set up trusts or stipulate guidelines for charitable donations. This ensures your assets are distributed in accordance with your wishes, or to be put to uses consistent with your values. When creating a Will you can appoint testamentary guardians or trustees for minor children or dependents ensuring that your children or dependents are provided for financially and taken care of properly.
A Will is an effective way of making sure that your children and dependents receive the financial resources they need for their wellbeing. Finally, creating a Will can help to reduce potential disputes between family members after a person’s death. Without a Will, your assets can only be distributed in accordance with strict rules as provided for in the Succession Act, 1965. This can lead to family disputes or even legal proceedings, and can result in lengthy and expensive drawn-out court battles. It is important to note that a Will has no legal effect until such time as you die and maybe changed at any time prior to death. It is recommended that any Will be reviewed every few years as an individuals circumstances change.
