October 14, 2021
Budget 2022 was announced on the 12th October, 2021. It is Minister for Finance, Paschal Donohoe’s fifth budget and the second of the coalition government between Fianna Fáil, Fine Gael...
Wills and Estate Planning
The benefits of having a validly drafted will cannot be overstated. A will allows you to set out in writing who will receive your assets upon your death and avoids further distress to your loved ones after your death. Seven in ten people in Ireland do not have a valid will and over a third of over 55-year-olds have not put their final wishes in writing.
At Lavelle Partners, we make the process of planning your estate and making a will as easy as possible. Our team of highly experienced solicitors provide dependable advice and can help you to draft a will to reflect your wishes and account for changes in the law. We will advise around any legal obligations you may have and draft a bespoke will to cater for your personal and family circumstances.
A will allows you to retain control over how your assets are divided after your death and provides certainty to your loved ones as to your final wishes.
We can draft your will in a tax efficient manner to take advantage of all relief options available.
Wills can incorporate trusts and are particularly useful where you have minor children. Guardians can be appointed to look after minor children. A trust can further protect your children from inheriting in one lump sum at a young age and trustees can be placed in charge of the trust to ensure your children are provided for adequately without giving them more money than they may be equipped to manage at a young age. There are many different trust structures that can be put in place to ensure your situation is provided for.
Having a valid Will ensures those you leave behind are not left with doubts regarding your final wishes. It ensures your children are cared for by someone you know and trust, and those you love will benefit from your wealth.
If you do not make a will, you will die intestate. This means your estate will be distributed in accordance with the law and these rules are set out in the Succession Act 1965. This can lead to added stress for your family at an already difficult time and result in your estate not being distributed as you may have wished. It may mean that wealth is not spread in order to avail of the maximum tax free thresholds and particular people are not adequately provided for.
Our team are excellent listeners and will offer suggestions and ask you the right questions to ensure your wishes are clearly reflected in your Will. And when the time comes for your Executor to apply for Probate, we will ensure the process runs smoothly.
For further information regarding estate planning and Wills in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.
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