It is often the case that when a person is making a will they wish to leave an inheritance to a grandchild. The question is then asked how that inheritance is dealt with by the Revenue Commissioners.
As a beneficiary in a will, you only pay inheritance tax if your benefit exceeds a certain amount. This is called the threshold. Any amount below the threshold is tax free. The amount of the threshold will vary depending on your relationship with the deceased. You will have to pay […]
Did you know………….?
If you are married with children and die without making a Will, it is not the case that your surviving husband/wife will be entitled to all of your property held in your sole name (excluding property held in joint names) i.e. house, land, money etc. This is a common mistaken […]
How to make a Will
For those of you who have never previously made a Will here is some advice on the information that is generally required when you are making a Will. The first piece of advice is that you should always make your will with a solicitor. While some people endeavour to make […]
The Importance of Making a Will
As another year draws to a close, it may be an opportune time to reconsider those resolutions and promises that you made at the beginning of 2011. One resolution that often features on a person’s list is to make a Will or if they have already made a Will to […]
Duties of Executor or Administrator
The first duty of an executor or administrator, usually called the personal representative, is to safeguard the assets of the deceased person. This can often create difficulty where the deceased was the owner of a business or a farm. If the personal representative cannot do so, a relative will usually […]
Revoke will – circumstances changed. Question & Answer
Question: I made a will with a solicitor in Dublin a number of years ago. My circumstances have changed entirely and I now want to revoke that will but I have not yet made up my mind about what to put in my new will. Is it enough for me […]
Wills and Intestacy
A will is a document in which the person signing it directs what is to happen to their property after their death. A person who makes a will is called a testator. A will has no effect until the testator dies. A testator can change a will at any time. […]