A Will is a document setting out how your property is to be divided after you die and it can also contain a number of other wishes. If you don't have a Will, the law will decide who gets your property. This could result in someone getting your property that you did not want to. See this explanatory video on Wills.
The main advantage of having a Will is that you get to decide how your property is to be divided after you die. Other important advantages are:
- You can appoint Guardians to look after your children after you die.
- If you have a child or family member with special needs, you can create a Trust for the benefit of that child or family member.
- You can ensure that the absolute minimum amount of tax (capital acquisitions tax) is payable to the Revenue Commissioners if any.
- The administration of your Will can be less expensive if you have a Will and can also be less stress for your family.
We can advise you of the best way to structure your Will to ensure your wishes are carried out after you die and ensure that your family are looked after.