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Wills In Ireland - The Hard Facts!

 

The Simple Facts

A 2010 research project by Irish Life revealed the follow distributing facts in relation to will making in Ireland:

  • A startling 70% of Irish Adults do not have an Irish Will

  • Around 47% of Irish parents do not have an Irish will and are therefore not providing for their children in the best possible manner.

  • According to the survey, women and more proactive than men in the updating of their will. While 60% of Irish women have updated their will, only 53% of Irish men have updated their will to reflect changes in circumstances.

  • Only 48% of Irish married couples or those couples who cohabit together have updated their will in the last 2-5 years.

  • Only 56% of couples who are separated, divorced or widowed have a will, while an impressive 86% of their singe counterparts have taken the plunge and made a will.

 

What if I Don't Make A Will?
If you die without a Will or your Will is invalid, you are deemed to have died intestate. Should this happen, the distribution of your estate (Assets, Money etc.) will take place in accordance with Irish State Law.

 

The Main Disadvantages of Not Making a Will Include?

  • The costs of probate rises due to increased legal and professional fees - This could result in costs estimated at around €10,000 plus. This will dramatically decrease the value of the assets transferred your family and loved ones;

  • As you estate will be divided up in accordance with Irish State law, this may result in assets not being transferred as you would have wished;

  • Irish courts will appoint an executor whom will then determine what assets are transferred and to whom.

  • Irish courts will also decide matters such as children guardianship in the absence of a will and once again this may not be in accordance with your wishes.

If you have not created a will yet or have not changed your will to reflect a change in circumstance, then you should start considering making your Will today. Just compare the cost of making a will, which is less than €40 to that of the additional costs associated with dying intestate (€10,000 plus).

 


For more detailed information on the topic above and other issues relating to Irish wills, read our Last Will & Testament Kit written by an Irish Solicitor to answer all your questions.

 

 

 

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