What to consider when making your Will

Before you write your Will you should consider the following:

how much money, what property and possessions you have including property, savings, shares, insurance policies, pensions?
is the property or bank accounts held in joint names
is there any nominations on the accounts? e.g. credit union accounts.
who you want to benefit from your Will. It can be helpful to compile a list of who you wish to leave some or all of your estate to. The identity of those who you wish to benefit should be very clear from your Will. The people/organisations who you leave a gift to under your will are known as beneficiaries. The names and addresses of the beneficiaries should be inserted into the Will. The relationship to the beneficiary should also be inserted when necessary to ensure that there is no ambiguity in your Will e.g. I give devise and bequeath my house to Mary Browne of O'Connell Street. It is quiet possible that you may have two relatives by that name living in the same address e.g. daughter and granddaughter. It is important that you identify the beneficiary very clearly in your Will.
who is going to be in charge of administrating your estate, that is, making sure that your wishes, as set out in your Will, are complied with after your death – this person is known as your executor. Please see section Duties of an Executor. You can appoint anyone to be your executor, however, it is useful to appoint someone who is aware of your affairs. The executor is appointed simply by naming him/her in your Will. You should appoint more than one executor.
who should look after any children under 18 years of age. It will be necessary to appoint trustees and guardians of minor children. Please see trustees and guardians section.
Will I inherit anything in the future?

What Else To Consider

Title Documents
It is helpful where possible to bring in your title deeds to your solicitor when making your Will as it is not uncommon to discover that is in joint names and not in your sole name.

Farms
If you are leaving a farm to a Beneficiary you should also consider whether you intend to leave all livestock and machinery to the same beneficiary. If you do, you should ensure that this is referred to in your Will. Otherwise, it may fall into the residue of your estate. Single Farm Payment Scheme and SPS entitlements should also be considered and whether it is intended that these will also pass to the beneficiary who is getting the land under your Will. It is important that all this is set out very clearly in your Will, otherwise, it could fall into the residue of your estate which may have serious tax implications for the beneficiary.

Large Estates
Where there is a large estate it is always advisable to obtain tax advice before. Here at HOMS Wills we often liase with client's tax advisors or accountants during the preparation of their Will.

The Format of the Will

There is no set format that a Will should take but saying that there are important elements that should be contained in your Will:

Your name and address. If you are known by any other name it is helpful to also make reference to this in your Will.
A clause that says you revoke all earlier Wills or codicils made by you. This is a standard clause inserted into a Will as it will nullify any previous Will or codicil made by you and ensuring that this Will is your last Will and testament.
A clause appointing executors (one or more executors can be appointed) and stating these executors' names and addresses.
A residuary clause, which is a section in your will that sets out how the remainder of your estate not dealt with in the Will should be distributed. It is an important clause in a Will. For example, "I give devise and bequeath the rest residue and remainder of my Estate to my son Paul for his own use and benefit absolutely". Assets in your sole name not gifted in your Will would be left to Paul.
Your Will should be dated and signed by you and witnessed. The witnesses should witness you signing your Will. The witnesses are only witnessing your signature it is not a requirement for them to know the content of the Will.

Request a Call Back or contact us directly and one of our team will discuss your Will or Estate and how we can assist you.