A Will is a legal document which sets out your wishes for all of your affairs after your death and appoints a person (or persons) to make sure these wishes are followed. Some of the most common questions we come across are: why make a will? What happens if I die without making a will and the most common questions of all is what can I put into my will and what can’t I put into my will? In this article we will outline what can/cannot be included in your will. It is important to note that your will your will has no affect until death, so what you originally put into your will can be changed at any time before death.
You can include the following in your will:
- Funeral arrangements*
- Appointment of your representative to ensure your wishes in your Will take effect (this person is known as an executor)
- Appointment of guardians to look after your child or children, who are under age or have special needs
- Appointment of representatives to look after any assets or money left to infant children under your Will until they become of age (two people are generally appointed and are known as Trustees)
- Making arrangements for the care of your pets
- Distributing your property and money to your chosen persons whether they are family, loved ones, charities etc.
- Facilitates tax planning
*it is important to make your next of kin aware of the details of your funeral arrangements as often the will is not consulted in advance of funeral arrangements being made.
The benefits of having the above items included when making a will are that delays and expenses in the process after death will be avoided.
It is incorrect in a lot of cases to assume that the when you die that everything will automatically go to your spouse/partner/cohabitee/children, or whatever the case may be. What you must realise is that the law dealing with Wills dates back to 1965 and often there are certain assumptions made by the law as to how your assets are distributed after you die, more often than not this would go against your wishes, hence why making a will is so important.
You cannot include the following in your will:
- Arrangements for end of mental capacity during your lifetime and appointing someone to deal with your affairs in these circumstances, the correct legal procedure and document to deal with this is called an Enduring Power of Attorney.
- Non-binding wishes such as directions to Guardians or Trustees that you have appointed in your will. These are often best dealt with by way of letter of wishes which can be kept with your will.
- Property and assets abroad which are best dealt with by making a will in that country as different legal and taxation rules will apply in each country. i.e. Your Irish will deals with everything in Ireland only and, for example, your Spanish Will deals with everything in Spain only.
Bear in mind that if you die without a will that the people who will inherit from you are determined by the State and generally are your next of kin. A will gives you control over your property and assets and give you and your family great peace of mind. If you would like to know more about making a will, please do contact us today for a confidential chat.