Here are some pointers when making a will with your solicitor. While some people endeavour to make a will at home, the reality is that these wills sometimes do not comply with the necessary legal requirements.
In your will you name your executors. It is always recommended that you appoint two executors. The executor is the person who will implement the terms of your will after your passing in consultation with your Solicitor. In effect, this means that the executors will complete all the necessary paperwork to allow for a Grant of Probate to be obtained from the Probate Office which is the legal document required to give effect to the terms of your Will.
It is important to note that an executor may also be a beneficiary under the terms of your will. A beneficiary is the name given to a person who benefits under the terms of your will.
Your will sets out how your property – house, land, shares, monies, prize bonds are to be dealt with. It is always important to have the name and address of the beneficiaries included in the event that there may be any doubt as to the identity of a beneficiary.
If you are the parent of children under the age of 18, then you will be advised to make a will which names guardians to look after your children on a day to day basis in the event that both parents die together and in addition in your Will you will appoint Trustees who will look after your property for the benefit of your children until they reach a nominated age. It is always advised to ask people in advance if you wish to appoint them as Guardians in your Will.
If you have already made a will then it is always important to review the content of your Will at least every five years and always after a life changing event within your own family.
If you have made a will as a single person and you subsequently marry your marriage will automatically revoke your existing will.
If you choose not to make a will then the rules of intestacy as set out in the Succession Act, 1965 applies. These rules set out how your property is to be distributed amongst your next of kin.
This article is not intended as an in depth analysis of the requirements to make a valid will. Those requirements will be outlined to you by your solicitor and any queries or concerns that you have will be addressed by him or her. The purpose of this article is really to remind people that making a will is not an onerous task and can be a source of great peace of mind once the task is accomplished.
Act now before it is too late!