Why you need to make your Will NOW!

Have you ever considered who would inherit your assets or take care or your affairs after you pass away? Do you own property or a bank account? Do you have children or dependents? There is a simple and effective method of taking control your Will.

There are significant risks in not making a Will — which you will not be around to sort out. It could mean substantial legal fees to put things right — quite apart from the upset and confusion it could cause those you leave behind. Making a Will is not something that should be done at the last minute or solely by elderly people. A Will is relevant to every person at every stage of their adult life.

Already made a Will?

If you have already made a Will, you should consider reviewing it as your circumstances change. Remember, many years might pass between the signing of your Will and your death. You should ensure that you update your Will every few years. If you have signed a “homemade” Will, be aware that if this document not made under the correct procedures it could be invalid.

Control

If you do not make a Will, you lose control over the distribution of your assets on your death. The Succession laws then determine who is to inherit what and who will be responsible for the administration. In many cases this can be contrary to what you would have wished for and usually results in the most unsuitable person assuming taking charge. For example, many people wrongly think that their entire estate will go to their partner when they die. This isn’t necessarily true. By making a Will you will ensure that the administration of your estate will be quicker and less stressful and less expensive.

Tax planning

Your Will can be a tax planning tool. Your solicitor can consider the tax implications of your proposal for your Will and advise you how to of achieve you goals while minimising and/or avoiding tax liabilities.

The next step…

O’Donovan Mahon Cowen, Solicitors can assist you in making your Will or reviewing a Will that you have already made. Our efficient and friendly staff can guide you through the making of your Will, from the first meeting to the signing of the document. Contact us to make an appointment and take control of your affairs.

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