Tuesday, July 12, 2016

Hot Topic #19 : Get Wise - Make A Will

Less than 1 in 3 adults in Ireland have a formal Will! (Source: Irish Life July 2014)

A Will is important to ensure your loved ones are cared for, as you would like, following your death.  A Will gives peace of mind to those left behind.
As a parent you can appoint guardians to look after your children.  Otherwise decisions about their care and education may be decided by the Courts.  You can also appoint a trustee to manage the financial side of things for the benefit of your children.
A Will ensures that your estate will be divided according to your wishes and not as the Succession Act 1965 dictates.
By making a Will you can make maximum use of the thresholds for your children’s and spouse’s exemption from inheritance tax and ensure that there is less potential for delays and disputes over your estate.
A Will allows you to appoint someone trustworthy and capable to sort out your affairs after you die. You choose an ‘executor’ who takes on this responsibility. 
A valid Will can save time and money for those left behind. 
Making a Will automatically involves a checklist of your assets and liabilities. This can give you a good idea of whether or not you have made adequate financial arrangements for your dependants.  Will they have enough funds to manage financially over the long term?  Do they have immediate access to money in the short term or is everything in your name? 
 3 steps to putting your affairs in order 
1. Make a list of all of your assets and liabilities. 
2. Meet with your Financial Adviser to assess your protection needs. 
3. Make an appointment with your Solicitor 
See a solicitor if you need to make a Will or make changes to your existing Will. You will need to choose an executor or executors. If you have young children, you should consider appointing guardians and trustees. 
Make sure your partner or someone close to you knows you have made a Will and knows where to find important documents including your Will, Deeds of the house, mortgage details and other financial information
For a limited period, when you  buy your life insurance plan from Irish Life they  are offering you the opportunity to plan another step for the future and to put a basic ill in place for no additional cost. This offer applies to new plans applied for up to 26th August.  
If you’d like more information, please give Michael a call on 086 844 0541 or email info@mkfinancial.ie.

Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland

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