Expert Advice from the Best Probate Solicitors in Dublin

by | Oct 7, 2024 | Blog, Wills & Probate

Probate Tips & Insights

When dealing with the loss of a loved one

In September, our partner Niamh Moran recently shared insights with Joanne Hunt at The Irish Times on the tricky issue of what to do when someone dies and the considerations each of us should have when considering our future planning.

Advice from Best Probate Solicitor in Dublin Niamh Moran Featured in Irish Times News Paper

The Importance of Future Planning

Journalist Joanne Hunt asks the difficult question: “How will your family cope if you die suddenly?” This is where legal future planning can come into its own. While it’s not a prospect any of us wish to consider, death can visit our doorstep in an instant and a sudden death—which is completely shocking—can be a very traumatic and stressful event. Yet, it is one that we can plan for and a burden we can ease for our loved ones.

Insights on Probate Sales

In the article, Niamh shared valuable insights on probate sales, a topic of significant importance for families dealing with the loss of a loved one. She highlighted the lengthy wait times for probate in Ireland, which can extend up to six months, causing stress for beneficiaries eager to sell a property. Niamh emphasised the importance of proper planning and expressing clear legal directives.

Specific Considerations for Different Family Situations

This is particularly important if you have a young family, and even more so if you are self-employed, have self-employed income (such as being a landlord), run a business, or have a complex family dynamic, such as being a single parent or separated parent, or part of a blended family, or if you have complex financial assets. Niamh’s expertise and practical advice provided readers with a clear understanding of the probate process and the legal services offered by Carmody Moran Solicitors to assist families during such challenging times.

Reviewing Your Future Planning

In terms of your future planning, for all individuals, this is subjective. A meeting with your solicitor can review your current Will, prepare a first Will, and assess your considerations regarding guardians, business interests, beneficiaries, and how to benefit them. It can also be an opportune time to explore your legal life planning generally, such as putting in place an Enduring Power of Attorney (EPA – akin to a living Will), and business interests such as Shareholder Agreements. At Carmody Moran Solicitord, the expertise of our legal team ensures that our clients are fully informed and well advised about safeguarding their assets and ensuring family security during such critical times and life’s most challenging situations.

The Role of Digital Assets

Lastly, now that we are coming into the Christmas season, the article highlights the importance of our digital assets and the minefield of passwords. Niamh touches on her password book (as photographed here), a useful stocking filler or gift perhaps?! It could act as a prompt to those difficult discussions we all should be having, which really is the true gift, as the alternative is stress in the unknown during times of grief. This can be lessened with some future planning, practical steps, and expert input.

Blue Password Book That Best Probate Solicitor in Dublin Niamh Moran of Carmody Moran Solicitors Owns

Contact Our Experts for the ‘Best’ Probate Advice in Dublin & South Dublin

For more information on Wills or Probate in difficult situations, and Enduring Powers of Attorney, contact our expert probate solicitors at [email protected] or telephone 01 8272888.

See the Irish Times article below

It’s something most of us don’t like to think about but unexpected death is possible for us all. And while it might no longer be a concern for us, what bank accounts or investments we have and where they are is going to be important to know about for those we leave behind.

“It’s the situations that arise unexpectedly, that can become problematic and leave people under a lot of stress,” says Niamh Moran, partner at Carmody Moran solicitors, of an untimely death.

The advice? Don’t add to this for those you leave behind by leaving a difficult trail that would puzzle even Agatha Christie. That includes details on that dodgy boiler than needs a certain touch to kick-start it each winter, your Netflix password, and where those PPS numbers are kept.

Inspired by a chat on askaboutmoney.com, here are some tips on creating a document of sorts that sets out anything your family should know about.

Make a will

When your die, your finances live on. Until your executor or personal representative informs financial institutions of your demise, money will continue to transfer into savings accounts, charges will be incurred on your account and direct debits will be paid as usual.

But what happens if your executor is unfamiliar with your accounts?

As Moran says, “They [financial institutions] are only going to find out [the accountholder is dead] if the executor knows about [the account] and knows to write to them”.

To reduce stress at a difficult time, it is important to keep track of such accounts and financial information.

A will is obviously an essential item to have, as it will set the ball rolling much faster when it comes to probate. But many of us are lacking on this front.

Earlier this year, Capital Credit Union in South Dublin ran a survey which found that of 4,000 people polled, two-thirds did not have a formal will in place. And why not? A third of those without a will said: “It’s on my to-do list, but I haven’t managed to do it yet”.

As Pat Byrne, CEO of the credit union says: “People say ‘I’ll leave it for another couple of years’, and put it on the long finger.”

And even those who do write a will, how many of keep it updated?

“People should review their will every two to five years,” says Moran, adding that “some people would be in every year changing their will!”

For many of us however, doing it once is enough.

“For some people, it’s really difficult to make their will and to put their mind to it,” says Moran, adding that these people are unlikely to reconsider their will, “unless circumstances dictate” they do so.

Circumstances such as tax changes might dictate this – Moran notes that expected changes in the inheritance tax regime in the upcoming budget should make some people think about their estate.

But even among those who do have an up to date will, it would not be standard practice for that document to list details of their financial assets. So a will on its own will not avoid unnecessary detective work, confusion and the possibility of unknown assets or accounts living on in the nether world between their now deceased owner and the people they had intended should benefit from their estate.

Keeping track

Pensions, insurance policies, bank accounts, investments etc are all liable to change over time.

“The job you’re in now mightn’t be the job you’re in in 30 years time; so how will they [the former employer] know something happened to you?” asks Moran.

If you’re not as proactive as you might like to be, you can still make it easier for those you leave behind, without too much effort on your part. After all, as Moran says, what’s important is that you know where the person has their money – it doesn’t matter too much about the particular accounts, and the sums in each.

“Once someone knows the financial institution, they [the institution] will be able to do a full check on that person,” says Moran.

And if the accounts have since been closed, it’s no issue; at least you knew about them in the first place.

But how to create such a list?

“Your list of assets can include anything like bank accounts, credit union accounts, any shares, savings and investments that you have, as well as insurance policies, pensions, lump sums, and maybe also tangible valuables, such as family heirlooms or paintings,” advises Byrne.

One way of doing it is by creating a password protected document and letting your executor or a trustworthy person know the password. But this may require regular revision.

There is an easier way.

As Moran notes, most people probably have somewhere at home they keep their private papers, and where they allow their statements etc mount up.

“In my house there’s a drawer,” she says.

Such a place is a “good starting point”, she says, noting that it would be easy enough to create a folder with a document from each institution in it, which might suit someone “who moves their money around a lot”, adds Moran. If statements come in via email, print a page and put it in the folder.

“You don’t have to put account details with the amount in them,” says Moran, adding it can just be a “really bland letter” with no real personal information in it. But it will alert your next of kin to the fact that you have accounts with that institution. And the institution can take it from there.

Don’t worry about passwords; typically your accounts shouldn’t be accessed in the event of your death until the executor contacts the institution etc (although most banks will allow a withdrawal of about €5,000 or so for funeral expenses).

Accessing accounts

Knowing about your financial interests doesn’t mean those you leave behind will have access to them. So what can you do to allow for a situation, particularly in the event of an unexpected death, where your loved ones need access to your money?

Typically, Moran recommends couples keep a joint account.

“It does make things a lot easier,” she says, adding that “If your accounts aren’t joint, it can take a bit longer” to get access.

For unmarried couples, having some joint finances may be even more important, as probate etc may take longer.

An advantage of a joint account is that the principle of “survivorship” applies. This means the funds can pass directly to the other named accountholder(s) – the survivor(s) – so that a surviving spouse is not restricted in accessing money in the days and weeks that follow a death.

Moran is less bullish on joint accounts between older parents and adult children, noting that they “can be problematic”.

“Generally speaking, it’s a bad idea for families,” she says, adding that, where they are necessary, it is advisable to put some controls on the account.

If your accounts are with a credit union, availing of the nomination process might make sense. This allows you to nominate someone (or several people) who will benefit from your account in the event of your death.

“This supersedes any other will up to an amount of €27,000,” says Byrne.Above that amount, anything is distributed in line with the will/laws of intestacy.

This simplifies the process hugely, as it doesn’t have to go to probate, and can be distributed immediately to the person so nominated,” says Byrne.

With insurance policies, Moran says it’s fine to name someone on your policy, so they can deal with it.

Household folder

It’s not just finances you should be considering however if you’re the person typically charged with household affairs, such as how to get boiler running again when it glitches; what the passwords are to all your streaming accounts; how you turn the water off in your house; what the wifi/Alexa password is; who delivers your broadband/electricity/gas?

Where are birth certs/PPS numbers kept for children?

Leaving details on passwords lying around is problematic, as the whole point is that they are closely guarded for security. So if leaving details on passwords, it might be wise to encrypt them somewhat in a pattern that’s familiar to the person who will take care of them after your death.

Moran says she herself has a password book, which is locked away. Her other half knows where. But of course, these change on a regular basis, which means it needs to be updated.

Depending on the level of detail you want to leave behind – personal passwords etc – you could consider investing in a small safe. You can expect to pay upwards of about €30 for a small safe which would hold some documents, passports etc. Of course, you need to pass on either the key or the access code, to someone you can trust.

Read the full Article on probate here: ‘How will your family cope if you die suddenly?’ – The Irish Times

Contact the team at Carmody Moran Solicitors who are working hard to be the ‘Best’ Probate Solicitors in Dublin & South Dublin 

If you want to arrange an appointment for more information concerning such probate related matters, please telephone us on 018272888 or email us at [email protected]

Frequently Asked Questions of Probate Solicitors in Dublin

What should I do immediately after the death of a loved one?

After the death of a loved one, it’s crucial to take immediate steps to manage their estate. This includes locating their will, notifying relevant authorities, and considering whether to engage the best probate solicitors in Dublin for guidance. Proper future planning can ease the burden on your family during this difficult time, especially if you’re situated in areas like Dalkey or Ranelagh.

How can probate sales be managed effectively?

Managing probate sales effectively requires careful planning and communication. Executors should prepare necessary documents, locate title deeds, and ensure compliance with local regulations. Working with experienced professionals can help streamline the process and alleviate stress during this challenging time.

What are probate sales, and why are they significant?

Property that is a part of a deceased person’s estate is sold through probate proceedings. They are significant because they involve specific legal processes and may face lengthy wait times for probate approval, which can extend up to six months in Ireland. Understanding this process with the help of the best probate solicitors in Dublin can help beneficiaries navigate sales more smoothly, particularly in areas like Ballsbridge.

How can I prepare for the probate process if I have a complex family situation?

If you have a complex family situation, such as being a single parent, running a business, or having a blended family, it’s crucial to work with the best probate solicitors in Dublin to clearly outline your wishes in your will. This includes considering guardianship, business interests, and asset distribution to avoid potential disputes among beneficiaries, which is especially important for families in Dalkey and Ranelagh.

 

What role do digital assets play in estate planning?

Digital assets, such as online accounts, cryptocurrencies, and digital media, are increasingly important in estate planning. It’s essential to organize this information and share access details with trusted family members or executors to prevent confusion. Consulting with the best probate solicitors in Dublin can help ensure these assets are handled according to your wishes, whether you reside in Ballsbridge or elsewhere in the city.

Why should I choose Carmody Moran Solicitors as my probate solicitors in Dublin?

Carmody Moran Solicitors are among the best probate solicitors in Dublin, offering expert guidance on navigating the complexities of probate sales and estate planning. Their experienced team, led by Niamh Moran, is dedicated to helping families through challenging times, ensuring your assets are protected and your family’s future is secure. Whether you’re located in Dalkey, Ranelagh, Ballsbridge, or anywhere else in Dublin, you can rely on their tailored advice and support for wills, probate, and enduring powers of attorney.

How can I find the best probate solicitors in Dublin?

To find the best probate solicitors in Dublin, consider their expertise, client reviews, and how they communicate during the initial consultation. Carmody Moran Solicitors are known for their compassionate and knowledgeable approach to probate matters, making them a great choice for families navigating the complexities of estate planning and probate sales. Their experience ensures that you receive the guidance you need to protect your family’s future effectively.