Everyone who has any property should have a Will made to ensure that their estate passes to their intended beneficiaries.
- Mangan O’Beirne has advised in the making of thousands of Wills. We have the expertise to advise in relation to beneficiaries, executors, trustees and taxation.
- It is essential that the client’s wishes are clearly stated in the Will, appropriate attendances kept where necessary and the Will properly witnessed to prevent challenges or disputes.
If no will
- If there is no Will, the Succession Act 1965 sets out who shall be the beneficiaries.
- This may not be in accordance with the client’s wishes and cause difficulties, e.g. if a person dies leaving a spouse and children, then the spouse is entitled only to two-thirds and the children entitled equally to the remaining one-third. The children get full control over that one-third share at the age of eighteen.
Capital Acquisitions Tax advice is important to ensure maximum benefit from exemption thresholds.
Business assets or foreign properties may need particular advice.
It is not necessary to list assets/liabilities, life policies etc. A Will is read as of date of death. Generally it is better to deal in percentages.
- A preliminary discussion/consultation often clarifies thinking.
Enduring Power of Attorney
Enduring Power of Attorney, sometimes called a living Will allows a person appoint who will make decisions on their behalf if in the future a doctor certifies that they are unable to make decisions due to Alzheimer, sudden stroke or illness etc.
- The EPoA only comes into effect if, in the future, a Doctor confirms that the person is unable to look after his/her affairs.