This article is from page 26 of the 2008-09-23 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 26 JPG
MAKING a will won’t kill you, but not making it will cause a lot of un- ecessary trouble and possible finan- cial loss for your successors.
And yet, it is estimated that half of all adults have not made a will and only 20 per cent of business owners have decided who will inherit their businesses when they die.
This leads to more family disputes over inheritance and succession with the sale and division of estates re- sulting in a significant share of the proceeds being consumed by legal
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You don’t have to make a will but it makes good sense to leave your affiars in good order for those who Survive you. It is a sad, but inevi- table fact of life that many people die under the age of 30 – yet a very small number of them may even have thought about making a will.
If you make a will, you decide who gets what after your death. You can also decide who doesn’t benefit as you can minimise the impact of capi- tal acquisitions tax on your benefici- Ne loy
If you don’t make a will, your next
of kin will inherit your estate. If you are not married, have outlived your parents and have no children, the Government could be the ultimate BUID ELSI
In many cases, the people who benefit from your life’s work may be people you may not have wished to benefit from your death. If you don’t make a will, it’s possible the wrong people may be your legal successors.
You get to choose, but only if you take the right action at the right time. The right action is to seek advice from a solicitor and the right time is now.