LEGAL SERVICES
Wills and Administration of Estates
Wills
Why should I make a wiIl?
The main reason for making a will is to ensure the person(s) whom you wish to inherit your property after your death inherit same in the manner intended.
What happens if I do not make a will?
If you fail to make a will, property passes by law under the Rules of Intestacy to your next of kin and this may frustrate your intentions. By making a will you have the opportunity to consider your wishes and potentially pass your assets to the person(s) intended in a more tax efficient manner. Failure to make a will, in some instances, can place a serious tax burden on a person who inherits under Intestacy.
The Stats
Worryingly, 66% of Irish adults have not made a will. The fact that you have not made up your mind or if you have simply put the matter off are not good reasons for failing to make a will. At PATRICK HOGAN & CO. we will identify your interests and wishes in helping you to make a decision. If it transpires you are uncomfortable with that decision, it is easy to come back and amend your will.
Now what do I do?
The question you need to ask is, who would you like to inherit your property if something happened to you today? If you have not made a will, we would strongly advise you to make your will with a solicitor. Click here, answer twenty simple questions and we will contact you with a view to attending with you to discuss and advise you on settlement of your affairs and to finalise your will.
Probate Practice and Administration of Estates
When a person dies, there are a number of questions that arise:
1. What happens to their property?
2. Who takes charge of the deceased’s assets and affairs?
3. Who pays for the funeral expenses?
4. How is the estate administered?
5. How does a beneficiary receive his share or bequest?
6. What taxes apply?
7. As Legal Personal Representative what do I need to start the process of administering the estate?
PATRICK HOGAN & CO. specialises in the administration of estates and have extensive knowledge and understanding of the process, be it the extraction of a grant of probate (where there is a will) or a grant of administration (where there is no will). We also have significant expertise relative to challenging or disputing a will or defending an action against an estate.
Questions you will want to ask your solicitor:
How does the process begin and how long does it take?
The process of dealing with an estate begins when the legal personal representative/executor attends our office and ends when the estate has been distributed. We have developed an efficient system to deal with estates and it generally takes ten to twelve months (provided there are no disputes, litigation or unforeseen difficulties) to complete matters.
What costs are involved?
Our costs are charged on an agreed basis as a fixed fee/percentage value of the deceased’s estate plus VAT and all outlay incurred and are supported by our time recorded case management system enabling clients to ascertain costs at any point in time.
Will I have to pay inheritance tax?
We will assess any potential inheritance tax (known as capital acquisitions tax) liability you may have and advise you of any tax planning measures/reliefs you may be able to avail of to reduce your liability (if any).