What is a will?
A will is a legal statement of how you would like your assets (estate) to be distributed after your death.
Why should you make a will?
Making a will has many advantages, at Sellors we can help you: –
- choose how your assets will be distributed;
- decide who will act as your executor (the person(s) who will administer your estate);
- decide who will be guardian to your children;
- decide who might look after your dependents;
- decide who to appoint as Trustees (the people to maintain those assets left behind for the benefit of your children or dependents); and
- plan for inheritance tax.
Having a Will ensures clarity and makes it easier for your loved ones when you die. If you do not make a Will, the law sets out how your assets will be distributed – and who can be appointed to administer your estate.
It is very important for those with children under 18 and/or dependents to consider making a Will. One must consider carefully who they would like to appoint for the different roles of Executor, Trustee and Guardian.
An Executor must administer your Will, they must first apply for and obtain a grant of probate from the Probate office and thereafter administer your estate in accordance with your Will. It is advisable to appoint two executors in the event one executor may not be able to act for any reason.
A Guardian looks after the day-to-day care of your minor children or dependents. You will need to consider who is best placed to act as Guardian(s). How will this work, will your children be required to move house, school, County, Country?
A Trustee, again it is advisable to appoint two Trustees. Your Trustees must maintain those assets left behind for the benefit of your minor children or dependents, they will have wide powers to ensure that they can freely deal with your assets whilst at all times acting in good faith and solely with the intention to benefit your children or dependents. You must also consider when your
children should receive their inheritance, is it 18, 21 or older?
Don’t put it off. Call Sellors today, make an appointment and put your mind at ease.
If you wish to make a Will or require advice/further information in relation to the above, please contact Ian Sheehy, Partner, or Fionnuala Keating, Consultant Solicitor, Private Client Department, Sellors, Solicitors;- [email protected] , [email protected]