Category Archives: Estate Administration

This is a short video explaining the options that a single person may have and gifts to their brothers and sisters

 

This is a short video where explaining that your residuary beneficiaries are the ones that effectively look after your funeral account

An area of concern that often arises for clients is whether or not they will have funds to pay for their funeral.  Alternatively what also happens on occasion is that a client will have earmarked a specific account for payment of funeral costs and will ensure that that account remains in credit to pay for a funeral.  However, there is no real need to take these steps.

This is because the law has been set up to cater for this and to ensure funeral expenses are paid.  There is a rule that states that whatever monies are in your bank account and not specifically gifted to any one person are to be used to pay for your funeral.  So, at times you will have a balance of money and a clause in your will that states “Whatever is in the balance of my estate, I give to my children in equal shares”.  We often call this the residue clause.  The rule is that whatever is in your residue is used first to pay expenses.  So this will include funeral expenses.  So your funeral expenses will be effectively paid by those beneficiaries who are getting the balance of the estate or the balance of the pot.   We call these residuary beneficiaries.

You can always amend this in your will and make different provision from what the law implies.  For example if you want your funeral expenses to be paid from a specific account or by a specific person, you can always say that in your will.

On balance you don’t have to worry about not having monies in a specific account in your will.  This will be catered for in the round.  However if you want something specific about your expenses then mention this to your solicitor.

I hope this helps and if you have any will drafting queries please reach out to info@kerrywills.ie

Generally a will, will make reference to Executors.  It is not obligatory to have executors in a will and a will is valid even if no executors are appointed.  Executors are the persons that manage the affairs of the deceased after the deceased has passed.  The are the persons charged with administration of the estate and their role is to collate the assets of the estate and in turn distribute the assets of the estate to those entitled under the will or under the provisions of law (called the rules on intestacy).

A person does not need a specific qualification to be an executor and a person making a will can appoint anyone as their executor.  However there are some tips in considering who to appoint.

1. Generally an executor must be of medium age, and essentially not so old that there is a chance that they may lack capacity when the person making the will dies or there is a likelihood that the executor will be deceased prior to the person who is making the will.
2. It is helpful if the executor is someone who is “good with paper” that they are ordered and suited to administrative/office based type tasks.
3. Likewise it is helpful if the executor is relatively numerate and can understand figures and accounts fairly well.
4. A beneficiary under a will can be an executor and it is often the case that a beneficiary under a will is an executor
5. A person who witnesses a will can also be an executor, as long as they are not a beneficiary under the will.
6. It is generally the case that an executor is a trusted friend or relation of the deceased.  It is somewhat considered an “honour” to be appointed as an executor and it can be at times read that the person who made the will held that person in esteem.
7. It is generally advisable that a person should not be appointed an executor if that appointment is likely to inflame other beneficiaries or would cause upset.
8. Further an executor is to be avoided if they are likely to be disruptive or purposely slow in administering an estate.

 

I hope this helps and if you have any queries about the appointment of executors, please reach out to me a info@kerrywills.ie.  Colm Kelly