I heard an ad on the radio the other day aimed at pet owners. It’s a bit of a heartstring tug, but basically it’s urging them to bequeath their legacy for canine charity after they’ve shuffled their human coils.
We can’t blame charities whose fundraising efforts, as noisy as tin, have been severely hampered by Covid, but a Royal London pre-pandemic survey made us think about the 70% of people who haven’t expressed their will . Property clinging and, yes, death, including one-third of her intestate deaths over the age of 55.
When I researched, most people said they were “planning” to make one in the future. Whether Covid-19 has encouraged that mindset remains to be seen.
Susan Murphy of Wexford-based Make My Will Solicitors (makemywill.ie) said: Otherwise, the rules of intestacy apply under the law of succession. Many people assume that with a spouse and children they can have it all, but not without the will. Some people say things like, “I know I’ll take care of you,” but if it’s not written down, it won’t.
rule
In the absence of a will, the law stipulates that the spouse is entitled to receive two-thirds of the partner’s property and distribute one-third to the children. But as Murphy points out, this can pose its own problems. “There is a farmer who died with a minor child. He has no will, so one-third of his property is put in trust for his children. It is very troublesome for the widow because she cannot continue her business, so she has to lease the land and pay inheritance tax.”
Since there are no taxes between spouses, the correct thing to do here is that he bequeaths his property to her completely tax-free and vice versa, and subsequently to his children.
If you are unmarried, your partner has no rights without a will.
A will means that you can leave whatever percentage you want to the person you choose (1/3 of your property if you have children, or 1/2 of your legal rights if you don’t have children). (Excluding spouses with “shares”).
Divorce revokes the will and ex-spouse has no rights unless specifically specified in the divorce decree, but remarriage makes the current spouse the beneficiary and may even end the discord with the children from the previous relationship. It may cause
Guardian
If you have children under the age of 18, you must designate a guardian in your will. This is someone who will take care of you on a daily basis if you die prematurely. “Instead of racking your brain over which family is best, you should decide. I need relatives who are fairly similar to each other.
bequest
September is heritage month, and Murphy says people often want to leave something to their favorite charities. “Being tax-free, we can lower the overall return on legacy gifts. Even €1,000 means something, and your family won’t miss it. We’re trying to make it the norm in order to build a possible future.” She adds, “Once prompted and loved ones are taken care of, people consider it.” Please refer to.
price
In the simple case (inheritance is left to each spouse and then to children), prices vary by attorney. Always get a quote upfront, but Murphy says you can expect to pay €200 plus VAT.
Administrative and legal fees are much higher in an intestate than in a will, so it’s wrong economics to think you’re saving money by not doing it. “There is paperwork, an application to the court, and who does it? What if? I have seen family feuds. It can be awkward and upsetting.
MoneyDoctors.ie’s John Lowe agrees you shouldn’t put off writing a will. “99% of real estate isn’t complicated. One or two properties, a car, two pieces of art, a few bank accounts, and 99% of relationships aren’t complicated either.” It considers reluctance to take a legal position to be “morbid” or costly, stating that “some citizens prefer to leave their loved ones confused and intestate rather than discuss it beforehand.” I prefer to die in ‘.
A financial adviser setting up a will and probate service from €61.50, acknowledging that a lawyer or accountant may be needed, many people would rather draft a will themselves and hire an executor than doing nothing. says it’s better to make sure probate is processed. “That way, anyone in Ireland will be able to make a will without fear of costs or legal hassles,” he says.
power of attorney
People are living longer, but with that comes a greater chance of being mentally frail when managing financial and medical issues.
A Permanent Power of Attorney (EPA) is a powerful legal instrument that appoints someone you fully trust to do this on your behalf if you are unable to do so.
They will look after your money, but can also make medical decisions on your behalf if you are deemed incapable of doing so (by doctors and the High Court). Agreed medical term).
As one attorney explained, the EPA is a “just in case” document.
That includes a lot of security measures, says Susan Murphy.
“Just signing the form does not put you in a nursing home. You have been informed and agreed in advance. You cannot enact until the doctor writes a letter saying that now is the time.” You can’t do anything without it.
Notifying parties, such as other brothers appointed “attorneys,” will be notified and given five weeks to file an objection.
The “Capacity Act 2015” has not yet been launched by the government, even though the legislation has been in preparation for seven years. If enacted, it will always give more security to those with a “presumption of competence” until proven otherwise.
The EPA can be expensive, so it is imperative that you shop with a lawyer as you can expect to pay over €500.
