A WILL is a declaration of what a person wishes to be done with their estate after their death. The person making the declaration is the testator/testatrix.
Before making a will you should:-
- Give the matter some serious thought and
- Take professional advice
- If you have children under 18, it is especially important to decide who you would like to raise them in your absence and to obtain that person’s agreement. Don’t forget to consider money for education and other child rearing expenses and provide clarity how these assets will be managed and by whom.
- Pick your Executor. An executor is responsible for exercising your estate in accordance with your instructions after your death. It can be a very challenging role so choosing the right person is very important. Not everyone will want to take on this level of responsibility so choose carefully and confirm with the person they are happy to act.
- Choose a Substitute Executor. In the event you are married you will probably choose your spouse as your Executor. In the unfortunate event that you are both in an accident without a substitute executor there will be no one to execute your will. People will often have their Solicitor as their Executor.
After you have made your will it is essential you:-
- Must sign it in front of two witnesses otherwise it won’t be valid. This means that all the time and effort that has gone into drawing up your will, will have been for nothing.
- Store it safely! There is no point hiding it somewhere that it can’t be found after your death. It should be stored somewhere that is protected from flood, fire or damage. Your Solicitor can store your will for you or your bank.
- Each year, you should update a list of all your assets such as property, bank accounts etc. and keep it attached to your will or with a copy of it.
- Your will should be updated when your personal or financial circumstances change.
If you need help making a will in Ireland, contact us today. Our Team can advise you on the best course of action when making your will.