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Do I need a will?

  • 26-02-2014 4:45pm
    #1
    DM addict
    Registered Users, Registered Users 2 Posts: 567 ✭✭✭


    Myself and my husband are about to move to US. My mother-in-law is very concerned that we need to write a will before we leave.

    I would have assumed that as we have no kids/property/debts (other than c/cards) that we'd be grand - if one of us dies, the other would get our stuff.

    Am I wrong? Should we write a will? What additional protection would it get us that we don't have at the moment?

    (I know it would give us the flexibility to make specific bequests etc, but at 28 that's not really something we're overly fussed about.)


Comments

  • #2
    shermanban
    Registered Users, Registered Users 2 Posts: 8 ✭shermanban


    If you were to die without a will you would die "Intestate". This means that an intestacy process kicks in, and all your property would be transferred to your next of kin (your husband).

    However, if say (god forbid) you both died in a traffic accident while abroad, then things become difficult because there are likely to be 4 next of kins (both sets of parents) involved. Then begins the argument over what you and your husband actually owns, and what should go to who's parents, who pays for the funeral costs etc...

    But at 28, I think it's perfectly reasonable not to have a will unless you're filthy rich.


  • #3
    Peregrinus
    Registered Users, Registered Users 2 Posts: 27,086 ✭✭✭✭Peregrinus


    In your circumstances, the main thing a will would do is deal with the circumstance that you die together, or that one of you dies very shortly after the other - as can happen if, e.g. you are in a road accident. (And, at the age of 28, your main risk of dying in the near future is in fact in an accident.) Relying on the intestacy rules in these cases tends to produce very odd results with, e.g., husband's assets passing to wife, and then wife dies of her injuries and her assets (including husband's assets) going to her next of kin, and nothing going to husband's family.

    Plus, as you're about to move to the US, if you do die it's quite likely that you'll be domiciled in the US at the time, and the intestacy rules that would apply would be those of your US state, not Irish rules. Don't assume that they would have the same outcome as Irish rules.

    You should make a will, but if your move to the US is long-term then you should make it in the US after you arrive, not in Ireland before you depart.


  • #4
    DM addict
    Registered Users, Registered Users 2 Posts: 567 ✭✭✭DM addict


    Thanks all.

    The move is semi-long term - two years. Think we will wait until we go over - intestacy rules in the state we're moving to would actually mean that not everything would go to the other one; it gets rather complicated in terms of joint/separate accounts etc. Probably best to get one made to prevent any complications in the event.


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