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For most people the prospect of making a Will is daunting. However the consequences of not attending to it can be far reaching and lead to trauma for your loved ones at a most difficult time. You are never too young to make a Will. The process is relatively straightforward and your Solicitor will guide you step by step.
Make a list of your assets and liabilities
In preparation for your meeting with your Solicitor it is a very useful exercise to make a list of your assets and liabilities. This will help focus you in making decisions about what it is you want to leave to your loves ones. It is also a useful aide memoire for your Solicitor to have at a later stage and can be used to guide your Executors and your Solicitor in administering your estate.
Make a list of potential executors
It is not necessary for your Executor to have any particular qualification or expertise. Our advice to you is to choose an Executor whom you trust to carry out the instructions in your will and that you believe will have a good relationship with your beneficiaries. A minimum of one executor is required though it is recommended to appoint two.
Guardians for children under 18
If you have children under the 18 you should appoint guardians to look after them in the event of your death while they are still minors. Only one guardian is necessary but you may decide that it is prudent to have two. It is advisable to speak to your prospective guardians and get agreement from them that they are willing to act as guardians.
Seek tax advice
It is important to be aware of the tax implications that your Will will have for your loved ones. In recent years the trend has been for tax free thresholds to be reduced so it is good idea to discuss with your Solicitor and / or tax advisor the most tax efficient way to pass on your money or assets to family and friends.
Store the will in a safe place
When you have completed your will make arrangements for the safe storeage of your Will. Ideally it is best left with your Solicitor who will keep it in a safe. It is also important for your executors or next of kin to know that you have made a Will and how it can be accessed but there is no obligation on you to tell anyone about the contents of the Will.
Consider do you need an Enduring Power of Attorney?
Don’t forget that your Will “speaks” from the date of death, in other words it will have no relevance until you die. In many instances it is recommended that a person who is making their Will also creates an Enduring Power of Attorney, also known as a living will. If at some point you become incapable of managing your own affairs through illness or injury your assets can be managed and dealt with by your Attorney on your behalf. Your Attorney is a person of your choosing and can be a family member or friend.
Review your Will
One of the certainties in life is that we never know what is around the next corner! As the years pass your circumstances may change and it is important to keep up with those changes in terms of reviewing your will and amending it to suit your needs.
For further information please contact Claire McCarthy at firstname.lastname@example.org
This article is for information purposes only and does not constitute legal advice. Specific advice should always be taken in given situations.
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Data Breaches…. Watch your Back!
Watch your mail account, watch your IBAN and bank statement, and work with us as your Solicitor…..
Our banking procedures and learning:
Several years ago we were dealing with a client who was using Hotmail, while we were using our secure email accounts. An instruction came in to send €20,000 to the following account…. Fortunately, we received a telephone enquiry from the financial agent involved, who queried the instruction.
Further enquiries established the instruction had not come from the client at all, but that their email account had been hacked. We learned from IT Security advice that these hackers watch email traffic, and wait to pounce, intervene on existing correspondence between parties, and “dupe” them into making an unguarded response, to execute the requested banking transaction. Follow-up enquiries with the Gardai established that in fact the hacker was a known criminal in Ireland. Not all Internet crime is far away from you, you know!
Subsequently we introduced protocols including:
– recommendations to clients about using secure email communications
– Telephone cross checking on banking instructions.
A recent 2020 experience, established that on certain websites, a person can take someone else’s IBAN account number and input that number, to extract money from their account, to obtain financial benefit for the fraudster.
When we are dealing with your monies, we will take every precaution with you, to ensure that you are the sole beneficiary of your valuable monies. Talk to our solicitors about secure banking arrangements, when we are providing a legal service for you.
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Presentation Secondary School
I was delighted to get the opportunity to complete my work experience with Binchy Law.
I had never even considered studying law until I spent two weeks working alongside Fred and Stacey.Stacey was kind enough to let me go to court with her which gave me great insight as to how a court case is run.
The staff across the board were extremely kind and welcoming. I admire them for taking the time out of their busy schedules to make sure I was looked after.
St. Declan's Community College,
For my transition year work experience I spent a week in the prestigious law firm Binchy law.
Walking into a solicitors office is a very daunting experience as a lot of people would only ever enter those walls for a serious or more negative reason. On my first day I was very nervous to go inside, but as soon as I walked through the door I was welcomed with warm smiles, and I instantly relaxed and knew I was in good hands for the duration of my work experience. I was given a tour and greeted by all the staff working diligently in their offices. This gave me a feel for all the background work solicitors put in aside from fighting in court, which is all people usually hear about, and helped me appreciate the job even more. Even though they were all busy, they were able to fit in time to help me on my work experience journey and help me to learn valuable skills that I will be able to carry on into my future workplace, such as time management and organisational skills as well as some computer skills. I also got to experience secretarial work which surprised me, as people never really realise how hard secretaries work to keep a business running smoothly, and they do not get enough appreciation in my opinion.
I really enjoyed my time working at Binchy law and really appreciate all the staff who helped me along the way. I do not have any regrets in choosing this law firm for work experience and I would go back in a heartbeat if given the opportunity.
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Are you aware that the Law Society is marking the achievements of women in law over a century with a range of events, articles and commemorations. These include a project to gather biographical details and photographs of the first 100 women admitted to the Roll of Solicitors.
Between 17 April 1923 and 7 July 1950, 100 women were admitted to the Roll of Solicitors. Joan Kelly, the 57th Female Solicitor to be admitted to the Roll of Solicitors in Ireland, practiced here at Binchy Law.
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We were delighted to support our neighbours in their annual fundraiser for South Tipperary Hospice. A great night out and a very worthy cause.
Congratulations to all participants.
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