Debunking common myths about Wills & Probate in Ireland

4 minute read

Wills and probate are frequently misunderstood, leading to myths and misconceptions. This confusion can result in poor decisions being made in regarding to managing one’s estate. Understanding the legal processes involved is essential for effective estate planning and ensuring everything proceeds smoothly after a person’s death.

Here, we debunk some of the most common myths about wills and probate in Ireland.

Myth 1: Only wealthy people need wills

One of the most common myths is that only the wealthy need wills. In reality, anyone with assets, be it property, savings or personal belongings, should have a will. A will ensures that your assets are distributed according to your wishes, regardless of their value.

Without a will, your estate will be subject to intestacy laws, which may not align with your preferences.

Myth 2: Wills are only for the elderly

A common misconception is that wills are only needed by the elderly. However, life is unpredictable, and having a will is important for adults of all ages. Young parents, for example, should have a will to appoint guardians for their minor children in the event of their untimely death. Anyone with dependents or significant assets should consider drafting a will.

Myth 3: A will can cover all estate planning needs

While a will is a fundamental part of estate planning, it doesn’t cover everything. For instance, a will cannot dictate the distribution of assets held in joint tenancy or certain types of retirement accounts and life insurance policies, which typically pass directly to named beneficiaries.

Comprehensive estate planning may also include trusts, advance healthcare directives and powers of attorney.

Myth 4: Probate should be avoided

Probate has a reputation for being a costly and time-consuming process, leading some to believe it should be avoided. While probate can be complex, it is a necessary process for validating a will and ensuring that debts and taxes are paid before distributing the remaining assets.

Proper estate planning can streamline the probate process and minimise associated costs.

Myth 5: DIY wills are sufficient

With the availability of DIY will kits and online templates, some people assume that creating a will without professional assistance is adequate.

However, DIY wills often lack the precision and legal language required to be enforceable. Errors or omissions can lead to disputes and potentially invalidate the will. Consulting with a legal professional ensures that your will complies with Irish law and clearly reflects your wishes.

Myth 6: Once a will is written, it never needs to be updated

A will is not a ‘’set-it-and-forget-it’’ document. Life changes. Things like marriage, divorce the birth of children, or significant changes in assets should prompt a review and possible update of your will. Regularly reviewing and updating your will ensures that it remains relevant and accurate.

Myth 7: Executors are paid by the estate

Some believe that the executor of a will is always compensated from the estate. While executors can claim reasonable expenses incurred during the probate process, they are not automatically entitled to payment unless the will specifically provides for it. In many cases, executors serve without compensation, especially when they are family members.

Myth 8: Wills are public documents

Another common misconception is that the contents of a will become public immediately upon death. In Ireland, a will only becomes a public document once probate has been granted. Until then, its contents remain private, shared only with the executor and relevant parties.

Arrange an appointment with a Wills & Probate solicitor

Planning for what happens to your finances, property and possessions when you pass away and ensuring the financial security of your family and dependents is very important, no matter how small or large your estate may be.

Why choose Augustus Cullen Law?

Our Wills, Probate & Estate Management team is dedicated to offering a compassionate, discreet and expert service. We specialise in estate planning and wealth preservation, providing asset protection solutions tailored to individuals and their families

If you wish to organise your affairs for when after you are gone, Contact Us to speak with an experienced wills, probate & estate management solicitor. Or, visit Wills & Probate to learn more about our services.

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