Galway Advertiser 2003/2003_11_27/GA_2711_E1_030.pdf 

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Galway Advertiser

November 27 2003

NEWS

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FASHION

BEAUTY

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H E A LT H

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LIFE

MARY
M
ost of us don't like to think about dying. It is still one of the great unmentionables. We skirt around the issue and get visibly uncomfortable if someone broaches the subject. Mention wills and people will often say they intend to get around to making one at some stage. However, this important matter is all too often put on the long finger. About 40 per cent of people in Ireland are presumed to die intestate or without making a will. What exactly is a will and who can make one? Basically, it is a declaration in writing setting out what people want to happen to their property when they die. It is possible to change your mind about who should inherit what. You can make another will or indeed, wills before you die. If this happens, the last one is the one which counts. To make a will, you must satisfy two basic requirements (1) you must be at least 18 years of age (2) You must be of sound mind. The best reason for making one is that it will give you peace of mind. It gives you an opportunity to express your wishes clearly and ensure that your assets go where you want them to. It also enables you to choose the personal representative who will handle your estate or a guardian to look after your children under 18 should both parents die unexpectedly. Making a will can also prevent family strife - we have all heard of cases where disputes over property have divided families for generations. You can also outline your wishes in relation to the type of funeral you would like and whether you want your body to be cremated or buried in the traditional way.

O'CONNOR
property abroad. Before deciding to make your will, sit down and list your assets. These could include your home, household contents, antiques, jewellery, car, life assurance policies, pension benefits, savings, and cash. Most people appoint two executors to carry out the terms of their will. These can be friends or relatives or professional advisors, such as an accountant or solicitor. Don't forget to ask them if they are willing to do it. You should consider appointing a guardian if you have children under 18 years. This would ensure someone of your choice would bring up your children in the event of you and your partner dying. Remember, again to check with the prospective guardians if they are willing to take on this role. Many people have a good idea of who they want to leave their assets to when they die. Most choose their partner/children. Consider if you want to leave any items of sentimental value, such as books, records, or jewellery to close friends or would like to bequeath small cash sums to your nephews or nieces. A will must be written. Video evidence of one is not valid. You can do the whole thing yourself by buying a will form. These have key words printed at the beginning and the end of the document and all you have to do is fill in the gaps. The forms are available from most stationery shops and normally come as part of a pack, including two blank forms and a brief explanation about making a will. Using a will form is simple because it has all the necessary headings included and it is easy to understand where to fill in your name and address and other details. There is also a section which nominates an executor(s) and includes spaces for you to fill in the person's particulars. There are further blanks at the end of the document for you and the witnesses to sign. You will need two independent witnesses - these cannot be beneficiaries. It is very important that a will is correctly signed, both by the person making the will and the witnesses. When the document is completed, it should be stored in a safe place in your home (remember, to tell your next of kin where you are keeping it) or in a bank's safe.

Where there's a will...

Reduce tax
Making a will can also be an excellent opportunity for you to reduce the amount of tax payable on death. A person who benefits from the estate (property, possessions, or money) of the deceased may be liable to pay Capital Acquisitions Tax. The amount payable will depend upon the relationship between the deceased and the benefiting person and the value of the inheritance. By careful planning, you can protect the financial interests of those dear to you when you are gone. "It is easy to walk into a tax liability situation," explains Matthew Molloy, a local solicitor. "If a single person dies without making a will, all his assets might, for example, go to his brothers and sisters. That would probably result in high Capital Acquisitions Tax. This could be reduced if the deceased had made a will and divided some of his assets among his nephews and nieces, also." Is there a right time to make a will? You should definitely draw up one if you have a child, he advises. "If you are not in that category, then ideally, you should consider making one when you are in your twenties." More people are making wills today than in the past, he says. "Younger people are better at this. They like to have everything sorted out. Generally, for the average person with an average income, the main reason they make a will is if they have children. They will be

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Solicitor Matthew Molloy. Photo:- Mike Shaughnessy

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nominating somebody to look after them should both of them die, for instance, in a car accident." People nominate somebody they trust, such as a brother or sister, he says. "You are advised to check with the person you are considering nominating first that they are receptive to the idea. You would normally nominate the same brother and sister as trustees. They would hold the property and assets in trust for the children until they reach a certain age. People usually specify 23 or 25 years." If you die without making

a will, your children can become entitled to your estate at 18 years. Many people feel this is too young an age to have sufficient responsibility for the position. So, by making a will you are guarding against this happening. Not making a will can have serious repercussions on a number of fronts, explains Molloy. "If you have children and one or both of the parents die, the position is then unclear as to what power the trustees have. Firstly, it has to be clarified who are the trustees of your estate and what power they have (in a will appropriate powers are

given to trustees). Money may have to be left in the bank for years in a low interest account, for example because the surviving family do not have the power to transfer it to a more lucrative account."

A DIY will
It is not necessary to go to a solicitor to make a will. Generally, if you want to make an uncomplicated one, you can do it yourself. However, it is wise to seek legal advice if you have a large estate or own