Making a will is a daunting challenge for many people. So the thought of having to make a change if assets change is something that causes many a degree of nervousness. However, this should not be the case. A will can and should be drafted in such a way to be flexible and take into the evolving financial future. If assets are specifically referred to in a will, such as a house or land and those assets are not in existence at the date of death, then, a situation of lapse arises. This means that the person due to get the gift or what is sometimes called the bequest will get nothing. So yes, if one has named assets under a will and these change, then its necessary to update the will. However, in many cases a will contains a “catch all” clause known as a residuary clause. This is a clause that caters for any asset that you have, particularly those assets not specifically mentioned in a will. If the intended inheritance falls into this category then there is no need to change your will if assets of this class change.
So for example, a will might state. “I give my house to son Sean and the remainder of what I own my daughter Mary”. The person making the will, might have in addition to their house, an account with AIB and shares in Ryanair. The account with AIB and the shares in Ryanair are not specifically mentioned in the will. They form part of the residue, that is the wording that states “the remainder of what I own to my daughter Mary”. Because there is this catch-all clause, it covers assets not specifically mentioned such as the dwellinghouse.
Those assets can change over time without need to amend the will. So the Ryanair shares can be sold and replaced with shares in Vodafone. If that is the case then daughter Mary recieves the Vodafone shares without any need to make a change to the will.
I hope this helps in explaining this issue and if you need any assistance in making a will please email me, Colm Kelly solicitor at info@kerrywills.ie