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WILLS
The making of your Will is one of the most important legal acts that you will ever need to undertake. A Will that is properly drafted is essential to see that your Estate passes in accordance with your wishes in an efficient and tax effective way.
- Should I make a Will?
There is no legal obligation on anyone to make a Will, but it is a wise choice to do so. If you die without a Will, then you will not have any say in how your assets are distributed and who distributes them. By having a Will, you appoint an Executor to distribute your assets and you can direct who receives your assets. Any person eighteen (18) years of age or older, and of sound mind can make a Will.
Noel Brosnan and Brian Creen are experienced in Wills and Estate planning, and will be able to sit down with you and discuss the best way of passing on your assets, with such things in mind as tax efficiency and minimising legal expenses.
- Preparing your Will:
We will not only ensure your Will is properly drawn up and correctly signed and witnessed, but we will also advise you on:
- The appointment of an Executor, their powers and remuneration;
- The appointment of your children's Guardian;
- Your legal obligation to provide for your family to avoid challenges to your Will;
- If necessary, the adequacy of your Life Insurance;
- Minimising Capital Gains Tax liability; &
- Funeral arrangements.
- Changes to your Will:
We recommend that you review your Will every two (2) years, or when significant financial or family changes occur. Some life events such as marriage and divorce automatically invalidate certain aspects of your Will, and you should seek our guidance in the event that any of these events occur.
- Can I prepare my own Will?
We do not recommend that you prepare your own Will. There are many legal requirements that must be followed, and a failure to follow these requirements will invalidate your Will. If this occurs, then the law may consider that you have no Will, and you again are placed in the position where you have no control over who receives your assets and who distributes them. It is imperative that if you have a Will, that it is prepared correctly in accordance with legal principles.
There is no such thing as a “free” Will. Whilst the Public Trustee and Trustee companies may draw your Will without charge, these Trustees usually appoint themselves as Executor and after your death, charge a commission, which is calculated as a percentage of the value of the Estate. This can often be significantly higher than the cost of preparing a Will, and ultimately administering an Estate.
- Legal Costs:
A Will can vary in complexity and therefore the legal costs for their preparation will also vary. We will discuss with you at the initial consultation or on the phone, the costs involved in preparing your Will.
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