Many people will die as a result of this terrible virus. The elderly and those with underlying health issues are most at risk however, this virus can kill anyone irrespective of your age or health.
People often, regrettably, do not think about passing wealth/assets to the next generation until it is too late. A recent study in the UK states that around 180,000 people a year die intestate (without making a will). This is a shocking 56% of UK deaths. We believe the figures are similar for Ireland.
We have seen at first hand the difficulties that arise when people die intestate. Family fall outs, court proceedings and the assets of the estate wasted on litigation costs.
It is important to realise that you do not have to die to pass your wealth or assets to your children or loved ones. In fact, there are many good reasons to include tax reasons why you should consider transferring wealth/assets to your loved ones while you are still alive.
If you die intestate you have no control over how your assets will be distributed.
A solicitor will guide you through the process and give you good advice on passing your assets to the next generation.
We at Swaine Solicitors LLP are offering everyone free advice on Estate Planning and Will drafting during the current crisis.
Please stay safe and practice physical distancing