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Thursday 24 May 2018

WATCH: This is why you should be updating your will at least every 5 years

Independent.ie Newsdesk

Independent.ie Newsdesk

Solicitor Deirdre Flynn has advised people to update their will "at least every five years".

Speaking at this week's Ploughing Championship, the solicitor said it is best to approach the conversation of wills practically.

"You have to say 'I currently love you, but in the event of not loving you, we should negotiate'," Ms Flynn said, adding that older generations also hugely impact the decisions of asset ownership.

"A lot of people think about their parents and say that this farm has been handed down by generations so they think their parents would be devastated if they lost the land. Farming is a business but it's not just a business, it's the family land."

Speaking about wills, the expert panel said that when making a will, farmers should make their wishes very clear.

Solicitor Deirdre Flynn said that if you make a will before you're married, that will no longer is considered.

"A lot of people don't actually know this but if you make a will today, and get married tomorrow, the marriage revokes the will, you need to make another will after you get married," she said.

"But if you make a will today, and divorce tomorrow, your will stands. So marriage revokes a will, but a divorce does not.

"Marriage under Irish law revokes a will. You'll be deemed to have died without a will.

"I would say to clients review your will every five years, definitely every five years, especially if you have property in your sole name.

"You should be making a will every five years to keep your will up to date," she added.

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