Wills ,Probate and Estate Planning
Many people are reluctant to make a will because it can be difficult to think about how you wish your affairs to be dealt with on your death. It is something however, that should be considered by everyone and indeed revisited where life circumstances or tax regimes may have changed.
Why should you make a Will?
It is important that you make a Will since you can arrange for the distribution of your property by means of a clear legal document which will only take effect when you die. It allows an individual to provide for the special needs of family members and furthermore it can also be used with proper advice as a tax planning opportunity. If you do not make a Will you lose your chance to appoint an executor to handle your affairs and, furthermore, your estate will be divided in accordance with the law of the land and not necessarily in the manner which you might have desired.
What is Probate?
When someone who has made a will dies their property immediately passes into the hands of the executors. For their property to be divided according to their wishes, the executor of their estate must apply to the Probate office to take out a grant of Probate in order to administer their estate. The estate of the deceased cannot be administered until the grant of probate is received from the Probate office which is part of the High Court.
We at Neil F Farrell & Co specialize in Will drafting and Probate applications. We take all your wishes into account and advise on prudent tax planning in a professional but sensitive manner.