14 Jul Five Benefits Plus 1 of Making Your Will
According to a recent survey 6 out of 10 people in Ireland have not made a will yet 3 out of 4 people feel that it is an important thing to do.
If you die without a valid Will the distribution of your estate will be made in accordance with the rules of intestacy. These rules may not reflect the way you would have wished your assets to be distributed.
A properly drafted Will has a number of advantages including comfort and ease of mind that your affairs will be properly taken care of after your death.
The below 90 second video gives you a quick look at the top 5 reasons outlined below why making a Will is a good financial planning idea.
- Protect your children:
If you have a child or children, a valid Will is necessary to make arrangements for the children should the parents die. It is extremely important to have a Will in place if the children are under 18 and would need someone to look after their inheritance or to have a guardian appointed for them.
- Protect your estate from being contested:
There has been a significant rise in claims being made against the estates of people who have died. The Succession Act 1965 allows certain individuals to make a claim for provision for a person’s estate, even if that person never intended to leave that individual any money or assets. By seeking legal advice and making a Will you could significantly reduce the likelihood of a successful claim being made.
- Provide for those you choose:
If you are in a relationship or not married or do not have a registered civil partnership, you cannot inherit your spouse’s or partner’s estate unless he or she had a valid Will in place. If one person in such a relationship dies without a Will, this can create serious financial hardship for the surviving partner.
- Reduce Inheritance Tax:
Careful drafting of your Will may reduce the amount of inheritance tax payable by your beneficiaries after your death.
- Making your wishes known:
Without a valid Will, the distribution of your assets will be according to the rules of intestacy – not according to your wishes.
The Plus 1
At a time when charities are struggling to raise funds, it is hoped that more people will consider leaving some of their legacy (http://www.mylegacy.ie/) to charitable organizations.
Making a Will need not be time consuming or costly but it is vitally important to ensure your personal assets are distributed to those you love and the charitable causes you care about.