FREQUENTLY ASKED QUESTIONS

What Is A Will?
A Will is a legal document which records who you want your possessions to go to in the event of your death. In order for your Will to have legal effect the law lays down certain legal requirements in relation to the wording, witnessing and signing of Wills. These rules of law must be strictly observed in order to ensure that your wishes under your Will are carried out.

Who Can Make a Will ? Basically anyone can make a Will who has attained the age of 18 or is or has been married and is of sound disposing mind.

Why should I make a Will?
You do not have to make a Will but it is sensible and prudent to do so as it ensures that you place yourself in a position to provide for the distribution of your property by means of a clear Legal Document which will only take effect when you die and ensures that your wishes with regard to providing for your family, relatives and friends are carried out. It allows an Individual to provide for the special needs of family members and furthermore it can also be used with proper advice as a Tax planning opportunity. If you were to pass away without making a Will the rules of intestacy would apply to determine the distribution of your property. This may not be in accordance with how you would like your property divided.

It is perhaps just as bad to leave a home-made Will, which runs the risk of not making sense or not being validly signed and witnessed according to the legal requirements, as to leave no Will at all. In even the simplest of situations it is only too easy to be vague and leave room for doubt or misinterpretation. Therefore it is essential that you should take due care in creating your Will so that your true intentions are achieved within a valid Will.

When do I need to make my Will?
The simple answer is now! No matter how young or old you are, you will undoubtedly have some valuable or sentimental possessions which you would like to give to certain people. In order to ensure that your wishes are carried out, you must make a record of them in a Will. If you fail to make a Will, the laws of intestacy will dictate how your possessions are divided, and you wishes will not be taken into account.

Furthermore, you will ensure that the difficulties for your family associated with the winding up of your affairs will be minimised during this difficult period of time.

What should I do once I decide to make a Will?
The first thing to do is make a full list of all your assets and liabilities. (For a sample list click here). Secondly, and most importantly, you should carefully choose the persons whom you wish to act as executors of your Will. Finally, you need to decide whom you would like to benefit under your Will. You will need to consider the age, position in life, financial means etc. of the proposed beneficiaries.

Who should be my Executor?
This is an extremely important decision since the Office of Executor is gratuitous and the duties imposed on an Executor can be varied and sometimes onerous. Appointing a second Executor is desirable since it covers a situation where one of the Executors dies. It is important that the Executor knows as much as possible about the Deceased's affairs since without adequate knowledge assets can go untraced with the result that the Estate is depleted with ultimate loss to the Beneficiaries. A person will often make a close family Member an Executor since such a person is likely to have a very detailed and intimate knowledge of the Deceased's affairs. Many people also appoint their Solicitor as a second Executor since the Solicitor will also often have information on the Deceased's affairs and will be able to render good advice to the other Executor and assist in the processing of the Grant of Probate.

A Beneficiary can be and often is appointed as an Executor. A Beneficiary, however, should never be a Witness to a Will since being a Witness can invalidate the Gift. Persons to be chosen as Executors, therefore, should be trustworthy and capable and you should have confidence in their ability to carry out your wishes as expressed in your Will. They should also have a thorough knowledge of your affairs. Where a Will gives a Gift to a person under the age of 18 years then Trustees should be appointed to hold the Gift for the person in question until he/she attains full age or such age as is designated in the Will. Executors and Trustees can be the same persons. In other words you can appoint the same two persons to act both as Executors and Trustees.

How often should I review my Will?
Once you have made a Will it would be prudent to review it every three years of so. This is because your own personal circumstances are always changing and you need to take account of the changes in your Will. Also, you should bear in mind that marriage or the birth of a child can severely alter the legal position or validity of your Will.

It is not necessary to revoke your Will in order to record a change of intention. A simple document known as a Codicil can be executed which will record any alteration without the need to change your existing Will.

 

What if I own property abroad?

As more and more nationals invest in foreign property it has become increasingly important to take account of these foreign assets in the preparation of Wills. Generally, your foreign property will be subject to the laws of the country in which the property is situated. As such it becomes necessary to execute a Will in that country in order to record your wishes in relation to the foreign property.

In order to avoid any new Will revoking a Will made in a foreign jurisdiction it is necessary to insert a clause to the effect that the Will in question does not relate to any property held outside this jurisdiction.

There are various taxation systems in existence in other countries and it is highly advisable to seek the advice of a national lawyer in the country in which the foreign assets are held. (Click here to see an article in relation to Spanish property).

Where should I keep my Will?
It is imperative that your Will be kept in a safe place, and where possible in a safe. Your executors should be provided with details of its whereabouts so that it can be easily located in the event of your death.

How much will my personal Will cost?
The cost of producing your valid Last Will and Testament remains quite modest considering the professional skills involved in the preparation of this legal document. The cost of your Last Will and Testament is fixed at the following rates:

Republic of Ireland	Euro 40
United Kingdom	UKBP £24.99
United States	US $30
Australia Aus	$40.00
Other countries	$30 USD

 

Whilst on the subject of costs, it is important to bare in mind that where a professional such as a solicitor, lawyer, accountant or banker act as executor in the administration of your estate, your estate may be liable to discharge any professional fees arising from their appointment.