Cronin & Co., Solicitors offer clear and considered advice on how best to plan your estate for the future. Making a will is essential whenever you have assets that will remain after your death. Planning for the distribution of your assets, whether you own a large property portfolio or are an “ordinary Joe”, is necessary to prevent contentious disputes arising among family members further on down the line. Careful planning now will ensure your true wishes are carries out after your death and that those you wish to benefit are the people that do so. We also advise on how to ensure that your bequests are made in such a way as to ensure that the person receiving the gift does not pay unnecessary tax. In addition to deciding how your assets will be distributed after your death, you can provide for funeral arrangements and appointment of trusted persons to act as Executors and Trustees to carry out your wishes for you.
Cronin & Co., Solicitors offer a one to one consultation service where you can discuss the issues that most concern you about the future. The importance of making a valid Will should not be underestimated. Should you fail to make a Will, or your Will is declared invalid due to a drafting error, your estate will be distributed in accordance with the rules of Intestacy. Intestacy involves the distribution of your estate among certain family members in equal shares and, crucially, removes the element of control you have over who receives what. Cronin & Co., Solicitors will ensure that your Will accurately reflects your wishes. We encourage you to drop in at any time to discuss your options or update your existing will, should your personal circumstances change.
Probate refers to the legal process of distribution of the estate. Before the estate can be distributed, a Grant of Probate must first be obtained. Probate practice involves the investigation, collection and filing of all documentation concerning the estate of the deceased, in order to obtain the Grant. Essentially, this means gathering all the assets of the deceased, paying any debts properly due and distributing the remainder of the estate to those who are entitled. This is often a complex and technical exercise. Cronin & Co., Solicitors offer a prompt and thorough Probate practice and we encourage you to make an appointment where the process can be explained in greater detail.
Protecting the interests of the child:
In accordance with law, where you have left property to your children in your will, they will inherit following your death when they reach the age of eighteen years. Many parents feel this is too young an age to inherit, particularly where a large estate is involved. We will guide you through the process of nominating Trustees for the purpose of managing the estate until your child(ren) reach a suitable age, as decided by you. Similarly, if your child has particular needs going into the future and will continue to do so, you may choose to establish a Discretionary Trust. This Trust confers wide ranging powers on the Trustees and allows them to decide how best to apply the proceeds of the estate to ensure the needs of your child are taken care of. Please see our article, “Wills with Children in Mind” for further information.
There are a variety of Trusts which you can employ in the structuring of your will. The type of Trust best suited to the particular circumstances you have in mind can be considered fully bearing these circumstances in mind. A Discretionary Trust may well be an option where you have young children or a family member with a disability, or if those you wish to benefit are currently in financial difficulties.
Cronin & Co., Solicitors are equipped to deal with all aspects of Wills, Probate and Tax Planning. Our extensive experience has shown that no two cases are the same. We encourage those, whether they want to settle their affairs or simply explore their options, to call and make an appointment for a consultation. Given the times we live in and the unprecedented pressures that many people now face, making a Will which caters for the difficulties in which those you wish to benefit may now find themselves in, is more important now than ever. We invite you to make an appointment where the potential legal and tax consequences of your plans can be discussed with a specialist Probate solicitor. We also ask that you visit the Asset and Debt Protection Planning practice area of our firm for further information by clicking on the link below.