Take Back Control - Make A Will
Posted on 6th May 2020 at 22:46
It is amazing that almost half of Irish people never make a Will!
The consequences for their families and for themselves can often be quite damaging. A Will allows you to take control of your life and your monies and it makes sure they go to the person who needs them or to whom you want them to go.
Making a Will does not mean, as some people seem to think, that you will die tomorrow. It merely means that if anything does happen, your affairs will be in order and you can amend your Will, at any time, especially if you have a life changing event.
Let me give some examples: -
If for instance, you are single, in your mid-30s, you have 2 parents and 3 or 4 siblings and you haven’t made a Will, your parents are only entitled to inherit €32,500 each and after that every penny is taxed at 33%. On the other hand, if you make a Will you can leave your estate to your parents and siblings in the most tax efficient manner possible.
If you are a parent and you have children (especially if those children are under 18 years of age), each of whom may have different needs, by making a Will you can plan for them and make sure that each child is properly looked after. If you have anybody in your family with special needs, they will need to be properly cared for and looked after. It is essential that you nominate their trustees and guardians in your Will.
If you own a company or a business, it may be that you will want somebody to manage the company for your family and this should be dealt with in your Will.
If you are cohabiting you should take out life policies as the Government does not like people living together when they are unmarried. If anything happens to either of you it imposes very severe tax restrictions on what the other can inherit.
Finally, there may be specific causes or charities which you wish to leave money to but if you don’t make a Will, it is not possible.
Making a Will is not as expensive as you think.
So don’t hesitate, take back control, contact us and make a Will.
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