I think that we can all agree that writing a will can be a very daunting task, the thought of not being here anymore is enough to send shivers up anyone’s spine. Unfortunately, your will needs to be created. Some people have the idea that the time to create a will only come when they reach their later stages in life. This is not the case. Depending on your circumstances, you should really have a will prepared as soon as possible – to prepare for unforeseen occurrences. This short blog will help you to determine whether it is time for you to create your will and testament.
You want to protect your family from red tape – If you pass without a will, your family will have to take your estate through a long court process known as probate. If you had life insurance, for example, your family would not be able to access those funds until the probate process was complete. A couple of basic estate planning documents can keep your estate out of the probate court and get your assets into the hands of your chosen beneficiaries much more quickly.
I have social media accounts – Many people spend a great deal of time online, conversing with friends, storing important photos and documents and even managing finances. Without instructions from you, will your family know what to do with your Facebook account, your LinkedIn account, and so forth? It may not seem like a big deal but is definitely worth thinking about and planning for.
You have Children – This is one of the most common reasons for making a will. If the unforeseen happens, you want to be able to continue providing for your children. Your will can make this possible.
Getting Married – Or getting divorced. Or remarried. These events reflect significant changes to your personal relationships and most likely the beneficiaries named in your will. It is important to include or remove your spouse to reflect who you want in your will.
Buying a Home – Buying a home is representative of a significant change in the value of your estate. Any change in your estate value, whether an increase or decrease, will affect who your beneficiaries are and how much you leave them after your death.
You can also check out our checklist for making a will here.
N.B.
For a will to be valid in Ireland, the testator must:
- be aged 18 or over(or be – or have been – married),
- act of his own free will and
- be of sound mind, memory and understanding
and
- the will must be in writing (oral wills for sailors or soldiers on military service are no longer permitted),
- the document must be signed at the end by the testator (or by someone in his presence and by his direction),
- the signature must be written or acknowledged in the presence of two witnesses, both present at the same time and
- the witnesses must sign in the presence of the testator, but not necessarily in each other’s presence.
There are lots more reasons to prepare for the unforeseen, these are just some examples. If you would like to talk to us about preparing your will, please contact us on 051 877029 or email us on info@mwkeller.ie
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