Ø Children do not have an automatic right to their parent’s property when their parent dies leaving a will. Unlike a spouse/civil partner who has an automatic ‘legal right’, a child does not have an automatic right to their parents' assets if their parent has left a will.
If a child believes their parent has treated them unfairly they can make a claim to Court that their parent has failed in their moral duty to make proper provision for them. That claim may or may not be successful.
Ø Make a new will after marriage. Getting married invalidates your existing will unless that will was made in contemplation of that marriage. If you forget to make another will after marriage it is as though you had made no will at all.
Ø You may need to make a new will after divorce. Getting divorced does not invalidate your existing will. If you left property to your former spouse in a will and you then get divorced and don’t want to leave them anything, then you need to watch out! Make sure to do it as part of the divorce procedure.
Ø If you do not make a will the law will decide how your property is divided. This could mean that your property is divided in a way you don’t want e.g. your spouse would be entitled to two thirds and your children between them entitled to one third.
in this instance too much might go to the Government’s coffers (because you haven’t done any tax planning), and your children inherit on reaching 18, which you may consider to be too young. Now you don’t want any of that!
This then is the first of the #BBBs and we are in the midst of putting the details together for the next one, near the end of April, asking are you over insuring, are there gaps where you are not covered, can you save on your insurance costs and other key tips.
There are so many topics that we know would be of interest so 'Contact Us’ and let us know of any topic that would be of particular interest and we will add it to the list for consideration.
Helpful links from #BBB1 re. wills
This link provides excellent information on wills and a helpful form "Where my possessions are kept" which you can download and complete keeping all relevant information handy
The Law Society of Ireland
Making a Will- A helpful information sheet and checklist.