Have you made a Will.

Base price

Last night a friend of OH's dropped in for a chat and a cuppa tae. During our conversation he recounted the story of a farm that was sold after the death of it's single bachelor owner. The man never made a Will and now his relatives are fighting amongst one another. The conclusion was that the relatives respective solicitors are the only ones who will get anything out of it.
Personally I think that we all have a responsibility to make a Will but that's just me.
I made my first will when I got married, made my second one when I was divorced and made my third after my youngest son's eighteenth birthday.
Maybe Kovu or Whelan could add a poll with Yes, No, Intend too, Never, Afraid too cause by doing so I'm going to die soon, Don't own property...

Waffletraktor

Yep, pretty much the cheif is to cash in what ever, to set herself up and provide all the educational opportunity to my little girl.

Another thing for farmers is to make up a folder for whoever has to pick up the pieces of anything of what needs to be done in the immediate time. A simple diary of what you normally do each month, contact no.s for all service providers and what they do, required passwords, list of normal suppliers and invoices etc.
The everyday things someone will need. And update it.

darragh_haven

Modifying my will at the moment. Few change to be made as we have a second child now. Its a lot more complicated when im not married to the OH. Tax tax tax

Dawggone

Feck off!!


I'm taking it with me...!

kowtow

I change it every week depending on which child is in favour.

If everyone's especially irritating I chalk up a list of potential beneficiaries on the blackboard in the kitchen and put mysterious lines and question marks by them.

kowtow

Dawggone wrote:

I'm taking it with me...!

Dawggone wrote:

Feck off!!

If you do you'll be the first man since Johnny Halliday to get out of France with more than the change in his pocket...

Sam Kade

I know a woman that got her father to make a will, he had a house and a few hundred thousand in the bank. He had 6 children and he didn't know what to do with the will, the daughter who persuaded him to make the will said if he left everything to her she would divide it up :rolleyes: That's what he done and she pocketed the whole lot leaving the rest of her siblings with nothing.

Kovu

I hate polls. :pac: One min.

Farrell

Kovu wrote: »

I hate polls. :pac: One min.

Have to do one soon too.
Main thing is who to look after the children.
BP, heard that same story at the weekend & can't remember where, but anyway.
Know of people who didn't write a will & people who wouldn't give them the time of day benefited most

greenpetrol

Sam Kade wrote: »

I know a woman that got her father to make a will, he had a house and a few hundred thousand in the bank. He had 6 children and he didn't know what to do with the will, the daughter who persuaded him to make the will said if he left everything to her she would divide it up :rolleyes: That's what he done and she pocketed the whole lot leaving the rest of her siblings with nothing.

A man this easily fooled amass several hundred thousand! Pub chat

Base price

greenpetrol wrote: »

A man this easily fooled amass several hundred thousand! Pub chat

Do you really think so.

Nekarsulm

Don't forget to make clear who receives the SFP/herd number etc.Neighbour dropped dead in his yard and his widow's grief was compounded by the Dept.'s refusal to pay the SFP, or even allow her sell a few cattle to pay expenses. Not untill probate was taken out could the herd number transfer. Over a year before it was sorted.

Most family solicitors draw up a will free. (Don't worry, they'll get their dough when you pop your clogs)

kollegeknight

My dad was diagnosed with a brain tumour this time 2 years ago. He had no will at 74yo. They managed to get a will sorted so mam would have everything. I farm it for her. He died early Jan 15. And we are still waiting for dept payments. Thank god for an overdraft.

She is signing the land to me at moment for fear of dropping and the people who wanted to throw dad in a hospice to die getting more than they deserve. A few would rather see the place concreted than anyone else getting it.

The second it is in my name, I will be making a will.

whelan2

I know some one who died a few years ago, he wasnt cold in the grave and the kids came to his widow looking for their share-no will made- even threatened her with not being allowed to see the grandkids unless they got their bit. Would have no time for that sort of carry on. Alot of hassle for her could have been saved by going to the solicitor for an hour before he died

friendlybee

Don't forget if you have kids from a previous relationship they can't be left out. They will eventually have rights too.....think the law is working on that bit

kollegeknight

whelan2 wrote: »

I know some one who died a few years ago, he wasnt cold in the grave and the kids came to his widow looking for their share-no will made- even threatened her with not being allowed to see the grandkids unless they got their bit. Would have no time for that sort of carry on. Alot of hassle for her could have been saved by going to the solicitor for an hour before he died

An hour before dad went in to an operation to remove some of the Tumour, our solicitor sent a letter that we all signed acknowledging mam as sole benefactor of dads estate. All the brothers and sisters signed it (8 of them).

Kept them at bay until he was able make a will. Poor mam is still grieving his death and is stressing to keep everyone happy.

She keeps saying she wish she did it years ago with dad. But he was invincible.

Every now and again they start tearing about what they are intitled to. She won't spend a penny to have enough to leave them money.
I have joint control of farm account with her and make sure she gets home heating oil and it is turned on etc.

A will and succession plan are so important.

Sam Kade

greenpetrol wrote: »

A man this easily fooled amass several hundred thousand! Pub chat

Really, what would you say if I told you that I am related to the person?

patsy_mccabe

I have a close relative that died young without making a will. His poor wife spent 5 years going in and out of solicitors office trying to sort it all out. They had a big family too, most still at school. Very nearly lost their house as a result. The sad thing is it could have all being sorted within a few short visits if there was a will in place.

Under Irish law when someone dies everything automatically goes to the wife/ husband / partner etc. In the case of no living partner, everything goes to the kids, in equal measure. in the case where all are in agreement that say the farm should go to one son, for example, they can sign over their claim. A serious problem arises when one of the children has special needs and does not have full mental capacity, not Compos Mentus. That person will be made a Ward Of Court and their share of the parents estate will have to be put aside under the control of the WOC office.
So so important to make a will. Should be compulsory when people reach a certain age.

ganmo

How would you talk someone into doing their will?
I reckon my dad doesn't have one done.
I don't want to influence him just to get his wishes down on paper

jlm29

patsy_mccabe wrote: »

I have a close relative that died young without making a will. His poor wife spent 5 years going in and out of solicitors office trying to sort it all out. They had a big family too, most still at school. Very nearly lost their house as a result. The sad thing is it could have all being sorted within a few short visits if there was a will in place.

Under Irish law when someone dies everything automatically goes to the wife/ husband / partner etc. In the case of no living partner, everything goes to the kids, in equal measure. in the case where all are in agreement that say the farm should go to one son, for example, they can sign over their claim. A serious problem arises when one of the children has special needs and does not have full mental capacity, not Compos Mentus. That person will be made a Ward Of Court and their share of the parents estate will have to be put aside under the control of the WOC office.
So so important to make a will. Should be compulsory when people reach a certain age.

If the person with the farm is unmarried, but has a partner (co-habiting) and minor kids, I assume it goes to the kids to be held in trust?
And the house?
Yikes. This thread just caught my eye as I was whizzing past to "my threads". We keep saying we must go and make wills. I'd be snookered if himself shuffled off to his mortal coil...

Cavanjack

jlm29 wrote: »

If the person with the farm is unmarried, but has a partner (co-habiting) and minor kids, I assume it goes to the kids to be held in trust?
And the house?
Yikes. This thread just caught my eye as I was whizzing past to "my threads". We keep saying we must go and make wills. I'd be snookered if himself shuffled off to his mortal coil...

That can be messy afaik. Heard on countrywide one morning a woman whose partner died tragically. He was a farmer and contractor. His bank accounts were froze, she couldn't sell anything and had nothing coming in. The children were under 18 so couldn't get access to anything either. It was going on 5 years I think. Be no harm to sort something out.

jlm29

Cavanjack wrote: »

That can be messy afaik. Heard on countrywide one morning a woman whose partner died tragically. He was a farmer and contractor. His bank accounts were froze, she couldn't sell anything and had nothing coming in. The children were under 18 so couldn't get access to anything either. It was going on 5 years I think. Be no harm to sort something out.

That's our exact situation. I will frogmarch him into the solicitors before the grass starts growing too much. I do work full time outside the home, so could feed the humans, but I don't think my wages would stretch to feeding the livestock!

darragh_haven

jlm29 wrote: »

If the person with the farm is unmarried, but has a partner (co-habiting) and minor kids, I assume it goes to the kids to be held in trust?
And the house?
Yikes. This thread just caught my eye as I was whizzing past to "my threads". We keep saying we must go and make wills. I'd be snookered if himself shuffled off to his mortal coil...

Just signed my second will this morning (I'm 36). With my partner 8 years now. 2 kids & not married. She has no rights whatsoever to my assets and i have no right to her assests...... IF there is no will made. You have to specify "enduring power of attorney" so the partner can controll your assets and use the profits of these assest, to look after my/our kids and my partner, after I die.

Bass Reeves

darragh_haven wrote: »

Just signed my second will this morning (I'm 36). With my partner 8 years now. 2 kids & not married. She has no rights whatsoever to my assets and i have no right to her assests...... IF there is no will made. You have to specify "enduring power of attorney" so the partner can controll your assets and use the profits of these assest, to look after my/our kids and my partner, after I die.

Not strictly true. Legislation passed back in 2012/2013 changed all that. Any couple that co-habbit now for longer than 5 years are treated virtually like husband and wifer unless the partner signs away them rights before the 5 years are up.

darragh_haven

Bass Reeves wrote: »

Not strictly true. Legislation passed back in 2012/2013 changed all that. Any couple that co-habbit now for longer than 5 years are treated virtually like husband and wifer unless the partner signs away them rights before the 5 years are up.

Between the solicitor, accountant and tax consultant.... all beg to differ. I hope i havent shelled out nearly a grand for bogus advice

Base price

Bass Reeves wrote: »

Not strictly true. Legislation passed back in 2012/2013 changed all that. Any couple that co-habbit now for longer than 5 years are treated virtually like husband and wifer unless the partner signs away them rights before the 5 years are up.

Any link.
Couldn't find anything when I searched other than "common in law" partnerships are not recognised in Ireland.

longgonesilver

Cohabitant can apply to the courts for support or assets but is not entitled to anything, from partners estate
.
http://www.citizensinformation.ie/en/birth_family_relationships/problems_in_marriages_and_other_relationships/redress_scheme_for_cohabiting_couples.html

http://www.independent.ie/irish-news/livein-partners-have-rights-new-court-ruling-says-26304026.html

Taken from After hours thread on Inheritance Nightmares, a lot of farming examples.

http://www.boards.ie/vbulletin/showthread.php?t=2057593274


This works both ways, trying to protect your partner if you should die, or your partner trying to take some of what you have if you breakup after living togrther for five years, or two if you have a child.

Bass Reeves

longgonesilver wrote: »

Cohabitant can apply to the courts for support or assets but is not entitled to anything, from partners estate
.
http://www.citizensinformation.ie/en/birth_family_relationships/problems_in_marriages_and_other_relationships/redress_scheme_for_cohabiting_couples.html

http://www.independent.ie/irish-news/livein-partners-have-rights-new-court-ruling-says-26304026.html

Taken from After hours thread on Inheritance Nightmares, a lot of farming examples.

http://www.boards.ie/vbulletin/showthread.php?t=2057593274


This works both ways, trying to protect your partner if you should die, or your partner trying to take some of what you have if you breakup after living togrther for five years, or two if you have a child.

It is a legal minefield, when you cohabbit for longer than five years. If you have children they are entitled to the estate, the partner can also claim either if they can prove they were dependent on the person or if they can prove that they picked up an equal share of the bills, mortgage, electricity car etc.

TBH if you are togeather that long and have children if you do not want a wedding civil partnership is the answer.

Grecco

Can someone Will you a debt? or an asset that has a lot of money owed on it? Say a farm was willed to you but the debt on the farm exceeded the value of the farm what then?
Might sound like a strange question but I'm sure it has happened

patsy_mccabe

Grecco wrote: »

Can someone Will you a debt? or an asset that has a lot of money owed on it? Say a farm was willed to you but the debt on the farm exceeded the value of the farm what then?
Might sound like a strange question but I'm sure it has happened

A persons 'Estate' is the sum of their assets minus their liabilities which even includes the cost of funeral, headstone etc. So yes as far as I know but I'm no legal expert.

Bass Reeves

Grecco wrote: »

Can someone Will you a debt? or an asset that has a lot of money owed on it? Say a farm was willed to you but the debt on the farm exceeded the value of the farm what then?
Might sound like a strange question but I'm sure it has happened

Debts are first paid out of the will, then specified payments or bequests and then the residue.

Example Tom owns a farm, he has machinery and stock on etc on the farm, has 100k in cash, a car and owes local co-op 10K and the bank 50K.

In his will he leaves his nephew Pat the farm, his three nieces 20K each and his other nephew Mick 30K and the residure of the estate. Mick is the executor.

What happens Pat gets the farm and only the farm all machinery, stock and SFP are part of the rest of the estate and the car are sold for 30K after expenses.

Now there is 130K in case. The local co-op and bank get the 60K so there is only 70K left. Now he has left 90K in cash as well the solicitor has to be paid. They will try to charge maybe up to 10% of the estate in fees. But we will say that the solicitor charges 10K so there is 60K left for distribution.

In this case the three necies and Mick get 2/3 of there bequest each.

If the farm was the only asset then Pat before he got it would have to settle all debts. If the debts were larger than the value of the farm Mick could tell the solicitor sell the farm and pay off as much debt as possible if Pat was unwilling to pay the debts.

Now if the farm was part of the residue Mick and the necies would have to paid before pat could take control of the farm.

Farrell

Nekarsulm wrote: »

Don't forget to make clear who receives the SFP/herd number etc.Neighbour dropped dead in his yard and his widow's grief was compounded by the Dept.'s refusal to pay the SFP, or even allow her sell a few cattle to pay expenses. Not untill probate was taken out could the herd number transfer. Over a year before it was sorted.

Most family solicitors draw up a will free. (Don't worry, they'll get their dough when you pop your clogs)

Good point.
Is there a way you could have paid so the ones behind don't have to?
Knowing law in this land, they'd probably charge twice cos they lost the receipt

jlm29

I'm sure I could google it, but what happens in the event that a company has been formed?

Nekarsulm

jlm29 wrote: »

I'm sure I could google it, but what happens in the event that a company has been formed?

As far as I remember, a company is a legal person and does not die. If a director dies, the company lives on and a new director is appointed.

kowtow

Nekarsulm wrote:

As far as I remember, a company is a legal person and does not die. If a director dies, the company lives on and a new director is appointed.

Correct.

longgonesilver

Will the taxman look at the value of the assets when they are transferred?

Bass Reeves

longgonesilver wrote: »

Will the taxman look at the value of the assets when they are transferred?

Yes there are two inevitable things in life death and taxes