Your Guide to Making a Will

Why do I need a will?

It is estimated that a large proportion of people in Ireland die without having made a will. That can cause real hardship for those left behind and long delays in sorting out the deceased's affairs. Most people intend to make a will; it is simply something they never get around to. Having a professional draft your will is the best way to make sure that the people you want to benefit are looked after.

If you answer yes to any of the following, you should consider making a will:

• Do you own a house? It is a significant asset, and it is important to set out clearly what should happen to it.
• Are you married, or about to be? On marriage, all previous wills are revoked.
• Do you have children? You will want to leave specific instructions providing for their care, both physical and financial.
• Are you in a long-term relationship? This is a complicated area: if you die intestate, the State does not recognise a partner's right to inherit the way it does for a married couple. Provision for a partner must be made in a will.
• Have your financial circumstances changed recently?
• Do you own a business?
• Have you been separated or divorced? If you made a will beforehand, it is vital to change it if it no longer reflects your wishes.

When should you update your will?

A will needs to change as your life and your family circumstances change. Do not put it on the long finger: if you do not make the changes, your current will, without them, is your last will and testament. Reasons to update include:

• Marriage, remarriage, divorce or separation
• Cohabiting or entering into a civil partnership
• The birth of a child, or a death in the family
• A change in your financial circumstances
• Changes in tax law

Who should draft my will?

Making your own will may look like the cost-effective option, but it is very easy to make technical mistakes or omissions, and those can invalidate the will or lead to costly disputes later. We would always recommend consulting a solicitor, who will make sure all the legal formalities are followed. It is not an expensive process, and there is real peace of mind in knowing your will is drafted correctly and that your loved ones are provided for.

Choosing your executors

Your executor is the person charged with carrying out the terms of your will. You can appoint anybody, but it is useful to appoint someone who is aware of your affairs and capable of administering your estate. No special qualifications are needed, but choose someone reliable. You can appoint more than one executor, and it is advisable to appoint an alternative in case your first choice is unable or unwilling to act. If your executor needs professional assistance, they can engage a solicitor when the time comes.

Appointing guardians

If you are the parent of a child under 18, it is important to make a will appointing guardians to act on your behalf. Discuss it with the proposed guardians first. Most people choose family members, but that is not a requirement: the choice is yours, and it can be changed at any stage as circumstances change.

What kinds of gift can I make?

Pecuniary gifts

A fixed sum of money to a person or group of people, for example, "€5,000 to each of my grandchildren alive at the date of my death".

Specific gifts

A particular named item, such as jewellery or a painting. Describe it accurately, and amend your will if the item is later sold or disposed of, or the person named will be disappointed.

Residuary gifts

A gift of all, or a share, of what remains after pecuniary gifts, specific gifts and debts have been paid. It is an important clause: without it, anything not specifically mentioned passes under the rules of intestacy.

Leaving a gift to charity

Make sure the charity you wish to benefit is sufficiently identified: get the correct name and address. Difficulties arise where a charity is incorrectly described or no longer exists, and a failure to identify it correctly can mean the gift falls into the residue of your estate and the charity receives nothing. If the charity is registered with the Revenue Commissioners, a gift left to it under your will is received tax free; if not, tax is payable by the charity.

Inheritance tax

Inheritance tax, also known as Capital Acquisitions Tax, can arise when a person receives an inheritance under a will or on intestacy. The beneficiary is responsible for paying it, and the inheritance is taxed if its value exceeds a particular threshold. Different thresholds apply depending on the relationship between the deceased and the beneficiary, and both thresholds and rates change, so they need to be checked at the time.

A number of reliefs are available, including:

• Business relief
• Agricultural relief
• Dwelling house relief
• Favourite nephew or niece relief
• Relief for a minor child of a deceased child
• Heritage property relief

Where is my will stored?

Your solicitor will keep your will in a fireproof safe as part of the service. We can hold your signed will for you and give you copies, or you may prefer to keep the original yourself.