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What if I dont Make a Will?

What if I Dont Make A Will?
If you die without a Wil 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.

 

What Happens Then?

If this happens, the Irish intestacy laws will determine who gets what from your estate. Your estate will go to probate and the court will appoint an administrator. An administrator is a legal term referring to a person appointed by a court to administer an estate. This person will settle debts; pay any necessary taxes and funeral expenses and distribute the remainder of your estate to your heirs in accordance with the state laws of distribution.

 

The Main Disadvantages of Not Making a Will Include?

  • The costs of probate rise due to increased legal and professional fees. This will dramatically decrease the value of the assets transferred your family and loved ones;

  • Your estate will be divided up in accordance with Irish State law; this may result in assets not being transferred as you would have wished. For example that necklace you always wished to give to your daughter or the ring you hoped to one day give to your son may be gifted to others or used to pay debts of the estate.

Do Most People Make Wills?

A 2010 research project by Irish Life revealed the follow distributing facts in relation to wills within Ireland

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

  • 47% of Irish parents do not have a will.

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

  • Only 52% under half of Irish married couples or those couples who cohabit have not 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.

If you do not have a will in place yet, or have not updated an existing will - now is the time to start thinking about it. To help you, we have designed this.

 

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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