Do I need to make a will?

[François]

Hi,

I'm early twenties, single with no children. If I were to die without making a will, do all of my possessions and savings automatically go to my parents?

I have quite a bit of money split across four bank accounts. No one knows about my accounts but if I were to die in the morning would these accounts be frozen upon my death and my parents made aware of them or would they continue to be dormant for many years until the bank is notified of my death, whenever they may be.

I never thought about making a will at my age but I'm starting to think maybe I should, especially if my parents were only to receive what was in my current account at the time of my death because they were not aware of my other accounts.

Fran

 

[Eithneangela]

Make a will - save hassle for your near and dear - and there will be hassle no matter what. If you die intestate, your parents (or anybody else you wish to inherit your worldly goods) will have to go through a public service process and we all know that that means buckets of tortuous administration, between various State agencies, or else they will have to pay a solicitor to administer your estate, and again, we all know what that means, loads of money for others, all reducing your inheritance. So, just make a will - it's so easy - download a sample will from the Internet, fill it out, and have it witnessed by two people who will not inherit. Simple!

 

[pudds]

Everyone should make a will regardless of age, there are diy ones which are grand for sraight forward situations like your, I used one once myself when my mam was alive and no problems.

Keep original safe and also put a copy somewhere else and tell someone where it is if you can.


You could name your parent(s) as next of kin on each account (I think) I know it is done with the credit unions.

 

[Vanilla]

No you don't need to make a will. Making one will make no difference in your case, either tax wise or in relation to having to take out a grant.

You should, however, keep details of all of your accounts in with your personal papers, marked clearly so that if anything were to happen to you they would be easily found.

No one will be automatically told of your accounts so you have to ensure they will be found in the event of your death.

 

[j26]

No you don't need to make a will. Making one will make no difference in your case, either tax wise or in relation to having to take out a grant.

You should, however, keep details of all of your accounts in with your personal papers, marked clearly so that if anything were to happen to you they would be easily found.

No one will be automatically told of your accounts so you have to ensure they will be found in the event of your death.

Exactly.

Most people have a mantra that you need a will. The reality is that in your current situation you don't. However, that will change over your life, so keep it under review.

 

[Yorrick]

While you don't have to make a will I would recommend doing so. Ensure that you keep a copy with all the details of banks accounts, investments etc. Let your parents know where this information is kept. Your will should be straightforward but if course as circumstances change you may need to review it.
A will is not expensive and some credit unions have an arrangement where a solicitor will do it free.

 

[Complainer]

Making a will would also give you the opportunity to direct some of your assets to charity on your death.

 

[Kine]

Making a will would also give you the opportunity to direct some of your assets to charity on your death.

Never!

 

[MOB]

......... there are diy ones which are grand for sraight forward situations like your, I used one once myself when my mam was alive and no problems

I would never recommend a DIY will. It is false economy.

And when you say you used one yourself. and no problems...........are you posting from the Other Side??

 

[Vanilla]

And when you say you used one yourself. and no problems...........are you posting from the Other Side??

 

[pudds]

I would never recommend a DIY will. It is false economy.

And when you say you used one yourself. and no problems...........are you posting from the Other Side??

Are you a solicitor!

 

[rockofages]

You can make a simple will, and it will be valid if it is witnessed by two people who do not stand to gain anything from it.

My father's will was done with a solicitor. Exactly half of it was invalid and couldn't be carried out.

Point is getting a solicitor involved does not guarantee quality and in a simple case there's nothing to stop you doing your own will and getting two of your friends to witness it.

 

[Bronte]

The OP does not need a will.

A DIY will is very very risky. Too many things can go wrong. Most solicitors do a will for a very reasonable 100 euro or so. Money well spent for those who need a will.

Rockofages, were you not able to make the solicitor who incorrectly drafted the will liable?

 

[rockofages]

Rockofages, were you not able to make the solicitor who incorrectly drafted the will liable?

No, and I didn't want to, as it was an inter-family thing regarding property which didn't directly involve me. Point is a simple check of the deeds, which the solicitor held, would have shown that what my father put in his will could not possibly have been done.