Anyone who is 18 or over, is or has been married and is of sound disposing mind can make a will. The capacity of persons to make a Will is more particularly set out the Succession Act of 1965.
When should I make a Will
You can make a will at any point during your life. In particular,
if you get married (all previous Wills are automatically revoked when you get married)
if you have children
if your marital status changes for any reason (divorce or separation)
if you own property or inherit property or money if you are in a long-term relationship but have not married.
Yes, you can change your Will at any time
The executor is the person named in a will who takes care of your estate after you die (i.e. signs papers, instructs the solicitor, arrange for the sale of your house and other property, and so on)
Usual fee for a will is €150 plus vat
Gifts and inheritances are liable to Capital Acquisitions Tax (CAT) otherwise known as Inheritance Tax. The amount of tax will depend on the relationship between the donor and the beneficiary, the amount of the inheritance and whether the beneficiary had received any previous gifts or inheritances. Tax above the threshold is 25%.
If you don’t have a Will, there are rules which govern the way in which your Estate will be divided. Basically, the division of your Estate will be:
2/3 to your Spouse and 1/3 to your children
Spouse will inherit your entire Estate
Your Estate is divided equally between your children
Your entire Estate passes to your parent(s)
Other rules are applied to determine which of your more distant relatives will inherit your estate.
Under Irish law, there is no distinction made between children born inside or outside of wedlock. Also, adopted children have the same status as natural born children