Commonly a couple who own a property, hold the property jointly. This means that on the death of one spouse, the ownership of the property immediately passes to the surviving spouse. The death certificate is submitted to the Property Registration, who will remove the deceased person from the ownership of the property. All assets that are held jointly fall outside the scope of will. A will cannot have effect over joint assets, as the title transfers on death to the surviving joint holder of the assets. This typically applies to property and bank accounts, held by couples.
If a property is registered in the sole name of one person, it might be worth considering transferring the property into joint names.
At least one Executor must be appointed in the Will. Usually, each spouse will appoint each other as the Executor of each other and gives everything to that spouse. Although frequently, all the assets will transfer automatically on death. This means that there would be no requirement for a Grant of Probate to administer the estate of the first spouse.
The Will usually continues, saying that on the death of the second spouse the estate is given to the children in equal shares. There is no legal obligation on parents to leave everything equally to children. However, this is very common. There is no obligation on parents to leave an inheritance to children. The legislation requires parents to make “proper provisions” for their children, given a number of factors. This obligation can be satisfied by gifts given during the lifetime of the parents among other things. Each case is taken on its facts and there is no formula for determining when or if proper provision s made.
Commonly the Will does not list assets of the estate. It gives the estate to the children in equals share or other shares. This give the Will flexibility as assets change frequently. If a Will stated that a Bank of Ireland account was going to one child and a house to another and then the house was sold and the proceeds of sale lodged to the Bank or Ireland account, after the Will was made, this would result in different bequests than the person intend. Therefore it is often advisable to value assets and give shares of the estate to the beneficiaries. The estate is defined as all of the assets of the estate at date of death. This includes assets that are due to the estate.
The Will should deal with the situation that a child may predecease the person making the Will. The normal rule is that if a person named in a Will dies before the person who made the Will, then the gift to them lapses. The beneficiary does not inherit the gift. This can be changed by a gift over clause in the Will .
It will also not apply if person was a child of the person who made the Will. If a child dies before their parents and leaves a child, alive at the date of the death of the person who made a Will, then the gift given to the predeceased child does not lapse. But it does not go to the grandchild. It goes by law to the estate of the deceased child. If that predeceased child made a will, it will go under the terms of that Will and if not, then by Intestacy. If there is a gift over clause in the Will of the person, it will be directed to go the grandchild or a another person they wish.
If you wish to make this kind of will please download this form . Each person makes a separate Will . The cost of each standard Will is €200.