Consumer Corner: How to make a will and how much it will cost

It might seem morbid, but a will is the best way to leave your legacy on your terms

Good will hunting: how to go about setting your wishes in place

The idea of making a will may seem like a morbid thought but if you want any say in what happens to your assets after you die, it is necessary.

If you die without having a will, the law states that you will die “intestate” and it is then up to the law to decide who gets your property and your other assets.

For example, if you have children and a partner, your partner will get two thirds of your estate and the other third is divided equally among your children.

Or, if you die and you have no partner or children and your parents are deceased, then your estate is divided between your brothers and sisters. However, a will means that you decide.

What should I do first?

The first step usually when making a will is to contact a solicitor and make an appointment.At that appointment you will discuss what you would like in your will and the solicitor will do a draft will for you to review. Once you are happy you will then execute the will.

Ronan Doherty, Solicitor with O’Reilly Doherty & Co said he has come across some wills that have been made without the input of a solicitor.

“Unfortunately, in a lot of those cases there can be significant problems with a homemade will particularly relating to the execution of the will. Sometimes problems like that can make a will invalid in its entirety and that can result in an intestacy situation,” he said.

Keep things simple

When making a will, it is important to set out in plain English what is to happen with your estate so that it will be easy to understand for anyone reading it.

“That should not be particularly difficult for a standard simple will.

In more complex cases that can be more difficult but those are rare. Simple things like who they wish the executor or executors and how they wish their assets to be divided,” said Mr Doherty.

“Not having a will can cause a lot of difficulty as your estate would then fall into intestacy and be divided in a manner that may be unexpected,” said Doherty.

How much will it cost me?

Most solicitors charge modest fees for drafting a simple will of around €150 plus VAT.

Fees can vary between solicitors’ practices so it is a good idea to shop around.

A will can be made at any time from the age of 18, or particularly when you start to accumulate assets.

“There is a perception that making a will is only for elderly people, which is incorrect. It is particularly important when the person has a child, as a will can deal with issues such as appointing a guardian.” 

Also, a will can always be changed as a person’s life situation changes.

Director with Taxback.com, Barry Cahill said that whether you have to pay tax or not if you do inherit a property in a will will depend on the relationship between the deceased and the beneficiary and the value of the property.

Capital Acquisitions Tax (CAT) is applied on gifts and inheritances where the gift value is over a certain limit or threshold.

“Based on your relationship, a certain level of benefits may pass without triggering CAT liability and a tax liability will only arise on e above that threshold,” he said.

No stamp duty however is due on inheritances.