I am a widower with three adult children. I own a large farm and I have a small amount of cash assets. My youngest child has shown an interest in farming and I would like to leave my farm to him. I do not want to go to the trouble of making a will as all of my children are aware of my wishes. What happens if I do not make a will?
If you die without having made a will, you are said to have died intestate and your property will be divided in accordance with the rules of intestacy as set out in the Succession Act, 1965. In your situation, your next of kin are your three children and your estate will be divided equally among them.
To ensure an equal distribution of your estate, your main asset, namely your farm, may have to be sold so that each child receives their share. In the alternative, your three children may be registered as equal owners of the land.
Whilst your two older children may be aware of your wishes to leave your farm to your youngest child there is no obligation on them to give their share to him after your death. If your older children decide to give their share of your estate, which may be quite valuable, to your youngest child this may give rise to additional tax implications for all of your children.
So as to avoid potential family disharmony and to ensure that your wishes are carried out it is essential that you make a will. You should immediately contact your Solicitor for advice.