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will

  • 09-12-2015 10:08am
    #1
    browser11
    Registered Users, Registered Users 2 Posts: 20 ✭


    I have one property and also cash to distribute in my will.
    This will go to sons/daughters and nieces/nephews.

    Specifing a percentage share to each looks the simplest to me. But this might require the property be sold first in excecuting the will.
    Is this a complicated or unusual way to do it ? ie does it make execution complex/more expensive ?

    Or is it just normal to say item A goes to X, item B to y etc

    TIA


Comments

  • #2
    UrbanFox
    Registered Users, Registered Users 2 Posts: 474 ✭✭UrbanFox


    browser11 wrote: »
    I have one property and also cash to distribute in my will.
    This will go to sons/daughters and nieces/nephews.

    Specifing a percentage share to each looks the simplest to me. But this might require the property be sold first in excecuting the will.
    Is this a complicated or unusual way to do it ? ie does it make execution complex/more expensive ?

    Or is it just normal to say item A goes to X, item B to y etc

    TIA

    The first thing that you need to check is if you can leave bequests as you would like. For instance, if you are married your spouse has certain priorities over others in relation to house and household goods, adequate provisions have to be made for children and so on.

    Assuming that preceding point has no relevance, leaving percentages can be messy as it could produce exactly the unintended consequence you mention.

    Specific bequests are clearer and simpler to deal with. Against that, the value of some assets may have changed substantially by the time you die (hopefully a long time away) and could produce disproportionate inheritances. That is why you need to keep wills updated every few years.

    The general philosophy is that you must make a will that reflects your true wishes accurately and without ambiguity but which complies with the law.

    It is best to run any intended will past a solicitor so that you can be properly advised about it's legal soundness and ensure that you do not leave trouble ! In other words draft your intentions, get advice on what you can do and get it drawn up correctly by a solicitor.


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