Making a will

[Haille]

My wife aged 58 and I aged 59 have family home and an investment property.Both properties are jointly owned and all our savings are jointly owned.If one of us dies before the other will both properties and savings automatically go to the surviving spouse as I assume you cannot will property or savings to the other partner if they are jointly owned. What is the advantage of making a will in this instance?
2nd question.We have 3 adult children 24 years, 27 years and 30 years.We have spoken to them and they are happy to equally share the 2 houses when both of us die.When this happens would our two properties be automatically shared equally between our 3 children.The 2 properties will be below the €910,000 [€310,00 per child threshold per child] What is the advantage of making a will in this instance.

 

[john luc]

By writing a will you set out your wishes and appoint your executor. Clarify if your intended 3 children are to sell and divide up or are any of them planning to own any of the property's. Saves them having a " thats what I recall mom and dad ment" moment.

 

[Marsha25]

Both of you should make a will outlining that you leave all your estate/belongings to the other. After both of you are gone perhaps your wife would like to leave her jewellery to a specific child, or you may have certain items to leave to a specific child. These things are best set out to prevent arguements after you are both gone. We have gone as far as setting out who we leave our estate to in the event that myself, husband and children die in total calamity. We have a family member who is never to benefit from us and wanted this set out in our will. Things might well be rosy now but down the line dealing with parental illness/care etc can cause tension and fall out between parents and children, and also between siblings. So to have everything legally written down leaves little room for arguements over your possessions when you're gone. We as a family got on fine until illness struck a parent and a relatives true colours shone through!! It's been a long road, even though the parent had a will written. It would have been a lot worse if the will wasn't written.

 

[Vanessa]

I agree with Marsha25. The existence of a proper will makes things very exact if it comes to a dispute and the courts show high regard for the wishes and intentions of the deceased.
As regards distribution of jewelery etc. it can be a great help if this is specified in the will or maybe even distributed before death