Will drafting for single people with no children. Note this note should be read in conjunction with our general FAQ on wills.
What types of will should a single person consider?
If you are single with no children, drafting a will brings its own challenges. You will have wide scope of persons that you may wish to benefit, but this brings into focus the persons or classes of persons that you wish to favour.
What we see when drafting wills for single people is that their wills deal with benefiting one of the categories below, or a mix of these categories, namely:
- Close family members, principally surviving brothers and sisters. For some younger persons
(under 40) this could also include benefitting their parents. - Younger relations such as nieces and nephews, godchildren.
- Close friends and neighbours who have shown kindness and care over the years.
- Charities or religious institutions.
Is very much a personal decision and each person drafting the will should consider what preference suits them most.
Yes, tax is important, but don’t let the tax tail wag the will dog!
There is likely to be more tax paid on the death of a single person than a married person with children, just because of the set up of the tax system in Ireland. A single person can leave up to €32,500 in their will tax free to a close relative (brother, sister, aunt, uncle, niece or nephew) or €16,250 to anyone else tax free. Amounts above this are taxed at 33%. If a single persons parents are alive, then a single person can leave their estate to their parent. Each parent can take up to €335,000 tax free. So, if tax saving is important and a single persons parents are alive, it may be worth consideration.
However the important point really is that a single person should do what they want first. Yes, it is good to take tax advice but implementing one’s wishes are key.
For more general information, please check out our Frequently Asked Questions (FAQ). This will give you some further information which applies to all wills including this case.