Caring for loved ones, avoiding tax and peace of mind just some of the benefits
1. Your Choice
With a valid will, you get to decide what happens to your possessions. Without one, the rules of intestacy will apply, taking the personal decision from your hands and putting it into generic rules that don’t take your wishes into account.
2. Loved ones
If certain loved ones don’t fit into the intestacy rules, they will be unaccounted for on your passing. For example, if you are not married and you don’t have a will, your partner may not receive anything. Depending on the circumstances of the case, this could create financial hardship for the loved one left behind. If you have children and haven’t gotten a will in place, it’s likely that you haven’t thought about who will be their guardians should anything happen to you. Alternatively, maybe you have asked someone specific to be their guardian on the event that something happens to you. Without a will, this oral agreement may not be seen as valid and could be dismissed. Creating a will ensures certainty and peace of mind when it comes to protecting minors.
3. Inheritance Tax
Being engaged and attuned to who gets what on your death may allow some people to avail of certain reliefs and reduce the amount of tax they pay out. Knowing this in advance will provide certainty and comfort to those who stand to benefit.
Knowing the contents of a will and that they are the desires of the testator will inevitably avoid family conflicts when you have passed. Having a valid will in place will make it much harder for someone to contest it, which
ultimately gives you, as the testator, more peace of mind knowing that your possessions are going to whom exactly you want them to.
Please do not hesitate to contact our wills and probate team on 01 485 4563 should you have any queries in relation to any of the above.
Image by Gerd Altmann from Pixabay