In the hustle and bustle of daily life, making a will is a task that often gets put on the long finger. However, setting out your wishes is a practical step in estate planning that everyone needs to take. Not having a will can have serious implications for your loved ones. It’s not just about distributing assets; it’s about ensuring your wishes are respected and your loved ones are cared for after your passing.
Navigating the complexities of inheritance is a task in itself, so it’s important to seek expert guidance when setting out your will. In this article, we share an essential guide to making a will, as well as highlighting the dangers of not planning for the future.
Key components of a will
A will is more than a document; it’s a testament to your life’s work and affections. Here are some of the key points to include:
- Asset distribution: Detailing how your property, savings, and personal items are to be divided
- Guardianship: This is especially important if you have children under 18, appointing a guardian ensures they are cared for
- Executors: These are the individuals entrusted with ensuring your will is carried out as written
- Funeral arrangements: While for some this may be a morbid discussion; many people have specific preferences for their funeral arrangements. This could be choosing between a religious or a humanist ceremony or deciding on a final resting place for example
Common misunderstandings about wills
In Ireland, the reality is that only a third of Irish adults have taken the time to set out their wishes. For some, it’s just a task that is simply forgotten about in the chaos of daily life. However, there are several misconceptions surrounding wills that may also contribute to these statistics. Here are some misunderstandings about wills:
- “I’m too young to need a will“: When youth is on their side, it’s understandable that nobody wants to contemplate making plans for a time following their passing. However, life’s unpredictability makes having a will essential at any adult age. There are many reasons why you should create a will when you’re young.
- “My assets will automatically go to my family“: The phrase ‘next of kin’ is one everyone is familiar with, but it simply doesn’t offer the same clarity or certainty as a will. Without a will, the distribution of assets is not guaranteed to align with your wishes.
- “Wills are only for the wealthy“: Everyone has something of value, be it financial, sentimental, or practical. Especially where there are children concerned – it’s essential that provisions are made for children in the event of their parents’ passing, regardless of their financial wealth.
The impact of not making a will
Without a will, you risk leaving your estate in legal limbo. Not only is this deeply upsetting for your loved ones, but it also means that you no longer have a say in how your legacy is shared. Not having a will can lead to:
- Intestate succession: Your assets may be distributed according to the Succession law, which might not reflect your wishes.
- Family disputes: Without clear instructions, disputes can arise, causing unnecessary stress during a time of grief.
- Additional legal complications: The absence of a will can complicate the probate process, leading to delays and increased costs.
The process of making a will with legal assistance
While making a will is a chore that is often left at the bottom of the ‘to do’ list, completing this task can be truly rewarding and gives a person peace of mind knowing that their loved ones are going to be taken care of. However, everyone’s situation is unique and understanding the legal process is essential in ensuring that the will is secure and correct from a legal standpoint. This is where the advice of a legal professional is worth its weight in gold. Creating a will with the guidance of an experienced solicitor involves:
- Gathering information: Documenting your assets, debts, and the names of beneficiaries and guardians
- Consultation: Discussing your wishes with a solicitor to ensure they are legally sound
- Drafting the will: The solicitor prepares the will, ensuring all legal requirements are met
- Review and sign: Once drafted, you review the will and sign it in the presence of witnesses
It’s worth noting that life evolves leading to changes in your circumstances. It would be wise to revisit your will from time to time and update it to take any changes into account, such as expanding the family or adding to your property portfolio.
How Summit Law can help with estate planning
At Summit Law, we understand the complex nature of estate planning in Ireland. Without a crystal ball, it’s impossible to predict what the future holds for family and friends following the death of a loved one. But setting out a will and having the proper legal guidance goes a long way in ensuring a person’s legacy and loved ones are protected. Our Will Services are:
- Personalised: Tailoring estate plans to individual needs
- Comprehensive: Covering all aspects of your estate, ensuring nothing is overlooked
- Empathetic: We understand the emotional weight of this process and offer compassionate guidance
Secure your future by making a will with Summit Law
The journey of estate planning is a profound one. Making a will stands out as one of the most responsible and caring actions you can take to ensure your loved ones are taken care of after you have passed. Secure your legacy and protect your family and friends by making a will with our experienced yet compassionate team here at Summit Law.
Our expertise in estate planning ensures that your final wishes are respected and that the will you have created is legally sound. Don’t put this task on the back burner any longer – Contact us today to begin this important process and you can rest easy with the knowledge that you’re in control of your future.