What Should You Consider When Making a Will

This article is one of a series, and, while it can be read on its own, is designed to be read along with the articles “Why Make a Will?” and “What Happens If You Don’t Make a Will?”

Introduction

The points you should consider when making a Will are entirely up to you. Most people consider the following: 

• What do I own?  Who do I want it to go to after I die? 
• And who will take care of things? In other words, who should make sure the right assets to go the right people. This is especially important when you have very young children.

1.Make a List of What You Own 

Before making a Will, it is very useful to draw up a list of anything significant that you own. This should include land and buildings, bank accounts, stocks and shares, crypto currencies and any other valuable assets you own. Consider whether you own these outright or jointly. Do you have a pension that would pay out a lump sum on your death? And, if you have overseas assets, they should also be considered.

2.Do A Quick Valuation

It is useful to draw up a list of all your assets with a very rough valuation. This doesn’t need to be accurate to the last cent, or blade of grass, but it should provide a broad idea of the value of each asset and the overall total.

The next thing to consider is who should get each asset.

3.Consider Who You Want Your Money and Assets to Go To?  

In many cases, this can be a very simple decision.  For example, a husband and wife often make “matching” wills leaving everything to each other. These matching wills also provide for what is to happen if they don’t survive each other. This can happen, for example, if they were to die in the same car crash.

If you have very young children, you should consider who you would like to appoint as executors, trustees and guardians for your   children.

A widowed parent may leave everything to their adult children in equal shares. Alternatively, if they have provided for one child already, they may leave everything to the other children. Every will is different.

You may list people who you’d like to get something on your death.  You may also decide to include some charities close to your heart.

4.List Your Assets Alongside Your Loved Ones 

I often suggest a simple matrix, or diagram. Draw two columns on the same page. List all your assets in a column on the left-hand side. List all the people you would like to take care of on the right-hand side. Draw lines connecting each asset to the person you want to receive that asset. You may wish to leave a specific cash sum to a number of relatives; it is entirely up to you… with some conditions.

If you have a spouse, or civil partner, they have a legal right to a share in your estate. Children also have a right to be provided for, in accordance with your means and their needs.  

In addition, your spouse has a right to look for the family home as part of their legal right share.

If you are not married, but living with someone, they may have a right to sue your estate where they are financially dependent on you.

In many cases, the family home is owned jointly by a husband and wife and passes automatically to the survivor, but you should check this.

If you leave nothing to your spouse/civil partner and/or children in your will, this can be challenged.  Your spouse has a right to a fixed share. while your children have a right to sue the estate. 

5.Decide Who Should Takes Care of Things on Your Behalf?

Sometimes, deciding wo should take of things after you die is perfectly straightforward. Husbands and wives often appoint each other as Executor or Executrix of their Wills and leave everything to each other. 

In other cases, it can be more complicated - and challenging.

Should you anticipate disagreements among family members, or if your estate is extensive and complex, you may wish to appoint a professional executor. And, if you are leaving substantial assets to young children, it is important to appoint Trustees to manage these assets until the children are older.  Similarly, if you are a surviving parent with very young children, you may need to appoint Guardians to care for, and rear, your children.  

6. Hire A Solicitor/Speak to A Solicitor

The process of making a will can be daunting and, depending on your circumstances, it can be complex. A solicitor can guide you through the process and answer any questions you might have. Your solicitor will also store your will in a safe place, providing you with peace of mind.

Your solicitor is there to help, providing trusted legal advice to support you on every step of the process.

Padraic Courtney is a Solicitor and Secretary to the Probate, Administration & Trusts Committee of the Law Society of Ireland. 

Disclaimer: Please note that this article is for general information purposes only and does not purport to be legal advice. While every care has been taken in its production, no legal responsibility or liability is accepted warranted or implied by the author, publishers or the Law Society of Ireland in respect of any errors, omissions or misstatement. Readers are advised to seek independent professional legal advice before acting on anything in this article.