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Where Do You Keep Your Assets? The Importance Of Making A Will

By : acelegal, November 15, 2017

Many people in Ireland die each year without making a will. This is known as dying intestate, and is often due to the belief that only people who are wealthy need to make a will. In fact, when you have any capital at all, including savings that you keep in your home, or when you have personal belongings that you wish to pass on, a will is very important to ensure that your wishes are respected.

Here at Irwin, Kilcullen & Co Solicitors, we focus on probate and Wills, and we can help you to prevent problems with the way that your estate is managed after you are gone. Legal confusion can tie up assets for many months or even years after death, and this can be avoided by making a clear and watertight will.

How To Protect Your Assets

It’s very common for people to store savings in their homes, and many people do not even tell their partners that they have these, but if no-one knows that this money exists, it may be lost when your home or furniture is sold or passed on. Here’s how to protect your assets and ensure that they end up in the right place:

  • You should create a list of assets, listing everything that you have in your home and in your bank account, and ensure that this list is kept somewhere safe, such as in your solicitor’s vault or strong box system.
  • You should write a will, and have this checked and witnessed by a solicitor, to ensure that your assets are allocated to the family members or friends of your choice. If, for example, you have always intended to gift your wedding ring to your daughter, this should be specified in your will to avoid confusion or misunderstanding of your wishes.
  • It’s important to understand the law with regard to your assets. For examples, if you are in a relationship but you are not married, and you have not written a will, your partner may not be able to inherit your assets when you pass on. You should seek legal advice and be aware that not having a will can lead to complex legal issues after death.
  • If you do not wish to share the details of your assets, including where they are kept, with your loved ones, this is not a problem if your solicitor is aware of these details. You can keep a schedule of assets with your solicitor and update this each year, and then simply inform your loved ones that your will is held by this solicitor.

Find Wills And Probate Solicitors in Cork

If you need to write or amend your Will, discuss your options or create a Living Will, we can help. Here at Irwin, Kilcullen & Co Solicitors, we focus on Wills and probate law and will work with you to ensure that your wishes are respected. Simply contact us online or call us today on +021 4270934 to see how we can help