Q – My husband and I are both shortly to retire but we are reluctant to broach the whole topic of death and wills. We have four grown up children and six grandchildren. Do we really need to make a will and what happens if one of us dies without making one ? Margaret – Wexford Co Wexford
A – I have to agree Margaret, it is a little morbid thinking of Wills and inheritance but sadly very necessary. Recent research by Foresters Friendly Society and ICM showed that more than 66% of the population in England and Wales have NOT made a Will while one in ten people who have made a Will have nt told anyone about it ! The statistics are worse in Ireland with 70% without Wills. Wills not only clarify the beneficiaries of your estate, but appoint executors/executrices, legal guardians of your children if underage and even establish trusts for disabled children. Importantly though, it saves a huge amount of time and legal hassle. If one spouse dies intestate, the surviving spouse under the Succession Act 1965 receives 2/3rds of the estate, the other 1/3rd divided equally between the children. If those children are under 18, those assets can be tied up until they reach age 18. Making a Will can also avoid disputes. Once there is a clear irrevocable authorisation by way of a Will, obtaining a Grant of Probate is relatively simple and quick and can be done by anyone, not necessarily a solicitor. If you wish to draw up your own Will, you can access Will templates online or check the recently launched low-cost DIY online package – www.moneydoctors.ie/wills only € 50 plus VAT and you can do both the drafting of the Will and delegate the Probate to your executor/executrix. It’s a doddle. Email me for details.