There is really no good reason not to make a will. Making a will allows you to dictate through clear instructions how you want your assets distributed after your death. You can appoint guardians to take care of your minor children and make provision for their future, possibly through the creation of a trust.
Following comprehensive tax and estate planning you can assist in preserving the value of your estate following your death.
Making a will provides peace of mind by allowing you to organise your affairs as you wish, and you will have security in knowing that you have made provision for your family.
If you don’t make a Will, your estate will be distributed according to Irish Law, and this may not be in accordance with your wishes on how you would like your estate divided.
We in Michael Purcell & Son provide wide-ranging advice on preparing your will ranging from the most straight-forward to complex Wills involving tax planning and the creation of trusts. We will go through your options with you and provide advice on your rights and obligations.
Making a will can not only provide for your family as you wish in the event of your death, but can also provide peace of mind that your estate will be distributed in the most tax efficient way possible. A Beneficiary in a person's Estate may be liable for Inheritance Tax (CAT) or the Estate may have to pay Discretionary Trust Tax or Capital Gains Tax "(CGT)". Through careful tax planning these tax liabilities can be anticipated and adequate provision made. At Michael Purcell & Son, we will be happy to meet with someone and formulate a plan of action for their family in the event of their death.
Enduring Power of Attorney
In Ireland, if a person becomes mentally incapacitated, e.g. due to illness or disability, all of their assets are effectively frozen and cannot be accessed by anyone, even to provide for the care of that person. An Enduring Power of Attorney can be created by a person (the Donor) when he / she is in good mental health, to allow another specifically appointed person to take action on his behalf in the event he / she becomes incapable of making his own decisions. That person (the Attorney) can access the Donor’s accounts to provide for the Donor’s care, and make decisions on his behalf. At Michael Purcell & Son, we can advise Clients of the benefits of same.
Fair Deal Scheme Applications
The Nursing Homes Support Scheme, known as the ‘Fair Deal’, provides financial support to people in long-term nursing home care. Under the scheme, you make a contribution towards the cost of your care and the State pays the balance. Your income and assets will be assessed, and in certain cases you can benefit from the scheme now and consent to a payment being made to the State after your death.
At Michael Purcell & Son, we have successfully submitted applications for Clients who are resident in nursing homes and now benefiting from the scheme. We can advise you on your rights and obligations arising out of the scheme, and assist you in every step of the application process.
If the applicant, due to illness or cognitive impairment, cannot make the application for themselves, a relative may apply to the Circuit Court to be appointed their Care Representative and make the application on the applicant’s behalf. If an Enduring Power of Attorney (see above) has already been executed by the applicant and registered, the Attorney is already appointed to make the application on their behalf.