Why Make a Will?
A person who dies with a valid will is said to be ‘testate’ and a person who dies with no will or an invalid will is said to be ‘intestate’. This will have significant implications for what happens to a person’s property on death.
The most important reason to make a will is so that you can decide what will happen to your property on death. If you do not do so the rules of intestacy will automatically apply which may not be in line with your wishes. At Hoban Boino we will assist you in making sure your wishes are given effect.
Do I Need to Engage a Solicitor to Prepare My Will?
There is no legal requirement to engage a solicitor to prepare your will. Some people choose to prepare their own wills and this is perfectly valid in most cases. However, issues can arise and an appointment with a Solicitor is advisable for an estate of any significant size.
Your solicitor will ensure that the will complies will all statutory formalities under the Succession Act of 1957. This includes making sure that the will is valid in terms of form and execution, that any relevant sections of the statute are applied or disapplied and that the legal consequences of the specific bequests are understood. Solicitors legal knowledge will help ensure that the clients wishes are complied with and expressed in appropriate legal language.
While clients often have a good idea of what the contents of their will may be, the Solicitor will explain different options that they client has not thought of themselves. The client and Solicitor will work together to ensure that all of their intentions are validly reflected in appropriate legal language.
Basic Rules of Intestacy
The rules of intestacy apply where there is no valid will and can be summarised as follows;
- Spouse and no children – the spouse will take entire estate.
- Spouse and children – the spouse will take two-thirds and the children will take one-third between them in equal shares.
- No spouse and children – the children will take in equal shares.
- No spouse and no children – the parents will take in equal shares or surviving parent will take the whole estate.
- No parent, no spouse, no children – the siblings will take in equal shares.
- And so on to nieces, nephews, other relatives and next of kin.
Making a will with Hoban Boino allows you to take into account any special needs certain family members might have and provide for them accordingly. For example, you may have three grown up children, two of whom are financially secure and may wish to provide extensively for the third child who suffers from a disability. The rules of intestacy however would provide equally for all three children. At Hoban Boino we will provide you with a suitable plan so that you can rest assured that your loved ones are provided for.
Making a will is important for tax planning and can help ensure that the absolute minimum amount of tax is paid. How you choose to dispose of your estate both in life and in death can have a huge impact on the tax bill owed by your loved ones of their death. There are a range of tax exemptions that may apply to different assets in the estate and at Hoban Boino we will advise you in detail prior to executing a will.
Appointment of Executors
Another benefit of a valid will is that you get to choose who will deal with your affairs on your death. It is advisable to have a think about this and talk with the individuals that you wish to appoint. At Hoban Boino we will go through the options with you and help you to appoint the person or persons best suited to the task.
Contact us by phone or email and we will go the extra mile to ensure that your hard-earned assets are put to the best use for your family and loved ones.