MJ O'Connor Solicitors

The Brief

22.04.2009

The arrival of a new child is a good reason for a parent to make a Will

The birth of a child is a joyful and busy time for its parents and, to some, it may seem an unusual occasion to consider making a Will. For a parent, it is a time to reflect on new responsibilities, one of which is to ensure that the child be properly provided for in the unfortunate event of the death of the parent.

In the absence of a Will, it is necessary to look to the provisions of the Succession Act as to how your estate or your assets might be divided and as to who would be entitled to administer or deal with your estate. These persons may not be the same persons or the division of assets may not be in the same proportion as you would wish yourself.

The appointment of guardians is an important issue for parents of young children to deal with in their Wills. Guardians are the persons who have similar responsibility for a child’s welfare as a parent would have. In the absence of an appointment under the terms of a Will, it may be necessary for an application to be made to Court for some person to become appointed as guardian and families might not always agree as to who this person ought to be.

A Will where young children are to inherit assets should also establish a trust structure for the careful management of those assets on behalf of the children until they attain full age. The trust structure should set out who will manage the assets, how they may be dealt with and when they are to be handed over to the children. It is important to choose carefully when appointing the Trustees and then to consider allowing the Trustees sufficient flexibility in the trust structure to enable them to carry out their function in the best interests of the children. There are different types of trust structures possible including fixed trusts and discretionary trusts.

Deciding on who will have responsibility for a child’s welfare may be more complicated if you are not married, or have children from a previous relationship. Marital breakdown may also lead to other complications regarding succession and property rights and it would be essential to obtain clear legal advice when putting a Will in place.

At M.J. O’Connor, we shall be pleased to assist you in drafting a Will or reviewing an existing one and our dedicated team will provide you with clear and practical advice on the legal and taxation issues. 

For further information please contact Cormac Mullen on 053 91 22555 or cmullen@mjoc.ie

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