Question regarding Wills

[Raul]

Hi,
There was no obvious forum to put this so mods please move if needs be. I've recently read the Money Doctor by John Lowe and he strongly recommends that anybody over 18 has a will. I am 25 and single. Should the unthinkable happen, I would have an estate of roughly €150,000 and about $20,000 in US stock.

I know very little about wills but I did read that my estate would be divided equally between my mother and father (next of kin) if I had no will. This is what I would want anyway. Are there any tax implications for my parents inheritance if I don't make a will? If not, is there any point in making one?

 

[Vanilla]

Hi,
Are there any tax implications for my parents inheritance if I don't make a will? If not, is there any point in making one?

No and no.

 

[Raul]

Thanks Vanilla

 

[putsch]

If you don't make a will administration of your affairs is marginally more complicated. Also, remember, your parents will (almost certainly) die before you - so its good to include in a will what you wish to happen in those circumstances. Lots of people say "well if that happens I'll make or change my will then". But people often don't for all kinds of good reasons - so if its on your mind now - make it......

 

[MOB]

If you are male, there is always the possibility - however remote - of there being a child of yours out there that you don't know about. Making a will is quick and cheap, and gives the benefit of certainty.

 

[Vanilla]

Well if we're going into the world of soap operas, there's also the possibility that your parents are not your 'real' parents, that you were never formally adopted and that you have an evil twin living in Argentina none of which you know about... In which case what the hell, make the will!

Actually scratch all the above, having practised as a solicitor for far too many years already truth really is stranger than fiction so think MOB is right!