Wills AND ADMINISTRATION OF ESTATES
Return: Wills & Estate Planning / Probate & Administration of Estates
Download Wills Questionnaire / Personal Assets Record 1. WHO CAN MAKE A WILL?
Any person over the age of 18 and of sound disposing mind can make a Will.2. WHY MAKE A WILL?
By making a Will you are ensuring that your Estate is administered according to your wishes.3. WHAT HAPPENS IF I DONT MAKE A WILL?
If you do not make a Will then your Estate will be administered according to the Rules of Intestacy as follows:
4. WHAT PROPERTY CAN BE DISPOSED OF UNDER MY WILL?
- If you are married without children then the rules of Intestacy provide that all your Estate will go to your spouse.
- If you are married with children then the Rules of Intestacy provide that your spouse takes 2/3rd of your Estate and the remaining 1/3rd is divided equally among your children.
- If you are a widow/widower then the rules of intestacy provide that your children will share equally in your Estate.
- If you are a Bachelor/Spinster without parent then your brothers and sisters share equally.
All property that you are beneficially entitled to can be disposed of in your Will-this includes all land, houses, bank accounts, credit union accounts, post office accounts, life policies etc.
If you have a limited interest in property you should make your Solicitor aware of this when making your Will.
5. JOINT PROPERTY
If you hold any property jointly with another person then the person who is named jointly will automatically get the property on your death and will not pass under your Will.
Also if you have a nomination on an account (e.g. Credit Union account) then that nomination will automatically pass to the nominated person on your death and therefore will not pass under your Will.
It is important that your Solicitor is aware of any joint property you have or any nominations you have on accounts so that you can be advised accordingly.
6. APPOINTING EXECUTORS
When you are making your Will you will need to appoint 1/2 Executors who will be entitled to take out a Grant of Probate to your Estate and administer the Estate and see that the terms of your Will are carried out. 7. CHILDRENS RIGHTS
You will need to choose your Executors carefully and you should ask the persons prior to naming them as Executors in the Will.
A child can take an action against the Estate of the deceased where they feel that their parent has failed in their moral duty to make proper provision for the child in his/her Will. 8. WHAT IF I BECOME INCAPACITATED AND AM NOT ABLE TO MANAGE MY AFFAIRS DURING MY LIFE?
You can make adequate provision to cover such a situation by arranging with your Solicitor to appoint an Attorney i.e. someone whom you trust will make the correct decisions on your behalf. The Power of Attorney will come into effect if and when you become mentally incapacitated and in that event the Attorney you have chosen will be able to make all necessary decisions over the control of your assets. This is called an Enduring Power of Attorney.
When making a Will your Solicitor will require the following information:
- Date of birth, address and PPS number.
- Location of previous wills(if any).
- Funeral instructions(if you wish same to be inserted in the Will)
- Information of all assets-property,bank account, credit union account, and post office accounts etc.
- Information of any foreign property.
- Location of title deeds.
- Pension details.
- In certain cases a certificate of competency may also be required from your doctor.
Download Wills Questionnaire / Personal Assets Record