Home instead making a will

Making a Will

One of the most important issues you should sort out is your will. A will is a witnessed document that sets out, in writing, a person’s wishes for his or her possessions (called his or her estate) after death.

If you die without a will, the law if intestacy decides what happens to your property. A will can ensure that proper arrangements are made for your dependents and that your property is distributed in the way you wish after you die, subject to certain rights of spouses and children.

If you die having made a valid will, you are said to have died ‘testate’. This means all of your possessions will be distributed in the way you set out in your will.

It is the job of an executor or executors you name in your will to make sure this happens. After you die, someone has to deal with your estate by gathering together all of your money and possessions then paying any debts you owe and finally distributing what is left to the people who are entitled to it.

If you do not name an executor of your will, documents called letters of administration are issued. When your estate is distributed, the legal rights of your spouse and children, if any, will be fulfilled first after any debts are paid before any other gifts are considered.

 

The Requirements of a valid will

It is possible to prepare your will yourself – however, it is advisable that you get a solicitor to do this for you as it is an important document and should be drafted correctly. You decide what you want to do with your property and your solicitor can advise you on how to achieve your objective. Your solicitor will also advise you about the rights of your spouse, children or other family members and how this impacts on your decisions.

 

It is always possible for you to revoke your will.

This can only be challenged if your mental capacity when you revoked your will is called into question.

 

Power of Attorney

Power of Attorney is a legal device in Ireland that can be set up by a person (the donor) during his / her life when they are in god mental health. It allows another specially appointed person (the attorney) to take actions on the donor’s behalf if he/she is absent, abroad or mentally incapacitated through illness.

If someone in Ireland is mentally incapacitated, all of their assets and property are normally frozen and cannot be used by anyone else unless they are jointly owned or someone has power of attorney to deal with their money or property.

 

How to Crete a Power of Attorney

A general power of attorney can be created when signed by either you or at your direction in the presence of a witness.

 

Wards of Court

If you become incapable of managing your affairs or are of unsound mind, you can be made a ward of court. There are a number of procedures available depending on the precise circumstances.

 

Trusts

Property, including money assets, may be held in trust on behalf of another person or to achieve a particular purpose. A trust exists when a person (the trustee) holds the property of another (the settlor) for the benefit of named people.

The beneficiaries may be the settlor him or himself or may be other people. By creating a trust you can ensure that, should you subsequently become mentally incompetent, your affairs will be managed in a particular manner. The trust property continues to be administered by the trustee for your benefit without the necessity to have you made a ward of court.