A Will is a legal document which sets out what you would like to happen to your money, property and personal possessions after you pass away. It allows you to record the way in which you would like your assets to be distributed and therefore prevents uncertainty for the loved ones you have left behind. If there is no Will created, then your assets will pass in accordance to the intestacy rules to individuals you may not wish to make provision for. In the worst-case scenario, if you have no close family members, your estate can pass bona vacantia, i.e. to the state and this may not be what you would wish to happen.
A Will can also be utilised to record your funeral wishes and who you would wish to appoint to administer your estate. These individuals are called ‘Executors’ and their role comes into being on your passing. It is their responsibility to deal with any inheritance tax liabilities, obtain a grant from the Probate Registry, collect in your assets, discharge your liabilities and distribute your estate in accordance with your Will. You must ensure the people you have appointed are trustworthy and able to co-operate with their fellow executors.
It is important to ensure that a Will is legally valid. A Will is valid so long as it fulfils the following requirements:
- It is in writing
- It must be signed by you in the presence of 2 independent witnesses
- The 2 independent witnesses must attest to your signature by signing in your presence.
There are other criteria that need to be met to ensure a Will is not challenged after your have gone and therefore it is best practice to ensure you have a solicitor drafted Will so as to limit the likelihood of there being a dispute after you have passed.
Most Wills are basic Wills but increasingly individuals are utilising Trusts in their Wills to ensure monies are passed through the generations to their loved ones.
