We understand that most people don’t like the idea of making a Will. We all like to think that we will live forever.
However, it is very important to ensure that the property and assets which we have acquired and worked so hard for over our lifetime is handed on to those we nominate. From a tax planning point of view, it is important to ensure that our money goes to those we love and not to the tax man.
At Valerie Kearins Solicitors, we ask our clients to simply set out full details of the Assets they have, their liabilities, to whom they wish to leave their property. We then advise on the rights of spouses and children following the death of a loved one, including the tax position.
As values of property have changed considerably in the last year or so, it is essential to revise wills accordingly.
Our legal team will be pleased to assist you to do that. In death, in order to deal with the Deceased’s property, it is necessary to administer the estate. Obviously, this can be a difficult and sad time for those left behind and a sensitive legal team is essential.
Table of Content
What is a Will Solicitor?
A will solicitor is someone who can help you to curate a legally valid will. They’ll help you to make the best possible will to make sure that your assets and belongings go to the right people.
A will solicitor will work alongside you to give you the best results. This means looking at the different assets in your life and administering them accordingly.
Thanks to the help of a will solicitor, the only thing you have to worry about is who to leave your valuable assets to.
Once a person becomes 18, they can then legally have their own will.
Will Solicitor Services
There are a lot of things that go into a will. From properties, to finances to other personal belongings. As well as this, there are a series of other variables involved in the making of a will. This is why you should avail of the will services available to you.
The following are all the different services you can take advantage of when using a will solicitor:
Make a Will
A solicitor can help you to make and write a will. This means they can discuss all the details of your desires and needs and create your will from that. Solicitors will do this in a professional and organised manner, meaning there should be no issues when your will becomes public.
Making a will can be a stressful and saddening thing to do. Enlisting the help of a solicitor can really help to make this process smoother.
Enduring the Power Of Attorney
An Enduring Power of Attorney involves a person, known as a doner, appointing someone as ‘an attorney’. Appointing someone as an attorney means they have the responsibility to make financial and personal decisions on your behalf. This occurs when the donor is no longer in the right mental capacity to make these decisions.
It is important to avail of this service when using will services. There is never any telling when this kind of unfortunate situation can arise, so it is best to be safe.
Probate and Inheritance
Probate is the process in which you authorise someone to receive your estate after you have passed. This legal process means you have the choice in who you wish to leave your assets to.
Probate helps to make sure that your assets go to the right person/people and can give you peace of mind.
The assets that you leave in your will and are dealt with through probate is referred to as inheritance. This term can be used for property, finance or other personal belongings.
Property Services
If you own property, then this is one of the biggest assets that will be addressed in your will. In order to make sure that your property goes to the right people, you need to avail of these services within your will.
With the help of a will solicitor, these property services will give you the best results.
Setting up Trusts
Setting up trusts in your will means that you are holding your assets such as properties, businesses or finances. The point of a trust, or trust fund, is to hold assets on behalf of other parties.
You are the grantor. This means that you decide what assets go to what persons and how they are administered. A common example of a trust fund is in regards to offspring. Parents might want their assets to only be received by children, or grandchildren, at a certain age. This could be the likes of the passing on of a business or finances.
There are three people involved in setting up trusts.
As mentioned above, you are the grantor as you are granting the assets. There is then the trustee. This is a person who manages the assets and acts as a third party. This is going to be your solicitor.
Finally, the person who is benefiting from the trust is referred to as the beneficiary.
Consultancy and Outsourcing
You can use a will solicitor for consultancy services also. Having a consultation can help you to make the right decisions in regards to your will.
Outsourcing is the process of having a third party take on responsibilities in regards to your will. An example of this could be being a consultant or a trustee.
Any Other Common Services
Having a joint will is another common service that you can have with the help of a solicitor. This is common between spouses and administers their assets as one as opposed to separately. This is usually seen when it comes to property and businesses.
Another common service is a living will. This is also known as an advance healthcare directive. This becomes public when the person cannot communicate their wishes or their desires. Things that might be included in a living will include the desire of medical treatments or resuscitation wishes.
Cross Border Wills and Tax Implications
Cross border wills are when your will has factors involving other countries. As EU laws can differ in regards to wills, it can cause some confusion for people in this situation.
Ireland is not involved in the EU rules on inheritance. This means that you may not have a choice in regards to the law applied to your will. You will have to operate under Irish laws.
When it comes to cross border wills, Irish citizens may be liable to face tax implications. This means tax may have to be paid on the likes of foreign properties or businesses. When it comes to domestic inheritance, you will not have to pay CAT until you reach a set amount of inheritance.
Challenging a Will
There may be some instances in which you want to challenge a will. This is a service you can avail of, should you have the desire.
One of the biggest grounds of challenging a will is that the testator (writer of the will) did not have the right mental capacity to compose it. It can also be contested in the instance that they were wrongfully under the influence of another person.
Disputing a will can result in changes such as who beneficiaries are and how assets are administered.
You can challenge a will with the help of a will solicitor.
What Happens if Someone Dies Without a Will?
If someone dies without a will, then their estates are divided among their next of kin.
If you were to die without a will and you were survived by a spouse with no children, they would receive your entire estate. If you did have children, two thirds of the estate would belong to your spouse while the final third is distributed evenly among your children.
Should you only be survived by children and no spouse, your estate is equally shared among your offspring.
Your order of kin then goes as follows; parents, siblings, nieces and nephews, any other relative.
Should you not have any living relatives, then your estate will go to the State.
Writing a will can allow you to distribute your estate no matter the status of the order of the kin. It also means that you can include friends in your will.
Will Consultation With Valerie Kearins Solicitors
If you have any queries regarding will services, then you can get a free consultation with Valerie Kearins Solicitors. By providing simple details such as your name, number and email, as well as a quick message regarding what you are looking for, you can get a call back for a consultation.
During this first consultation, Valerie Kearins Solicitors will walk you through the steps involved in administering the estate. Then, they can discuss tax implications regarding your will. Finally, they can discuss the time frame that you can expect.
How Much Does it Cost to Make a Will?
Valerie Kearins Solicitors charge €100 to set up a will.
Get in touch with Valierie Kearins Solicitors today
Having a will gives you full control over your estate and your assets. This can really help to give you the peace of mind that you deserve. Get in touch with Valerie Kearins Solicitors today.
They are going to be able to offer you all the services you require for your will needs. With a team of experts, you can get through this tough process as comfortably as possible.
