You don’t have to make a will….

I recently had an interesting conversation with a client about his will. We had just completed a complex and long drawn out matter and I asked him about his will. He didn’t have one and whats more, he didn’t plan on making one. Why should he, he asked when the Law will dictate what happens after his death. The law will look after everything!

“So you’re a fan of The Succession Act 1965?” I asked. No as it turns out. He didn’t even know what that meant, but he had an absolute faith in the law looking after his affairs. So I asked him to humour me. I asked him to list 4 things he would like to happen with his affairs after his death. So we looked at his list in the context of The Succession Act 1965. We discovered that he would achieve 1 out of his 4 wishes.

So, we reached a consensus. We agreed that he absolutely did not have to make a will, but that if he wanted to achieve more than 1 in 4, he had to make a will. The ultimate outcome? We carried out a full review. His final wishlist went way beyond 4, but he now has a will that meets his precise requirements and in a tax efficient way.

His next project is an Enduring Power of Attorney.

Happy Days.

Declan O’Toole BCL TEP is a Trust and Estate Practitioner and advises on Lifetime Planning.