Wills
Wills
A Will is a witnessed document that sets out in writing the deceased’s wishes for his/ her property and possessions, (called his/ her ‘estate’), after death.
Reasons for making a will:
A common misunderstanding is that making a Will is only necessary for people of high net worth. This is not the case.
A Will can ensure that proper arrangements are made for your dependants and that your property is distributed in the way you wish after you die, subject to certain rights of spouses and children.
Any person over the age of majority and of sound mind (having the required mental capacity) can make a Will.
Something to think about:
If you die without making a Will, the distribution of your estate will be governed by the Irish law on intestacy (Succession Act 1965). This may not be the way that you would have wanted your estate to be distributed
Unmarried partners and partners who have not registered a civil partnership will not inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner
If you have a child/ children, a Will enables you to make arrangements and provisions for the child/ children in the event that either one or both parents die
It may be possible to reduce the amount of tax payable by beneficiaries on the inheritance if advice is taken in advance and a Will is made
If your circumstances have changed, it is very important that you make or amend your Will to ensure that your money and possessions are distributed according to your present day wishes
A new will can be made at any time and only your last will supercedes all previous wills (i.e. only your last will counts)
At Geraghty & Co. Solicitors, senior solicitors Brian G. Geraghty and Liam Geraghty possess a wealth of experience and expert knowledge in this field and they can offer advice to individuals and their families on all aspects of will drafting, succession, tax and estate planning. We will ensure that your wishes are reflected in a properly executed Will in a clear and unambiguous manner. We will further ensure that the will is drafted in the most tax efficient manner and will endeavour to make full use of the tax relief available to you.
Administering an Estate
We deal with all matters concerning the issue of probate and the administration of estates, including:
advising and assisting executors in their legal duties and responsibilities; (A person who is appointed an Executor of a deceased’s Will is the person entitled to take out the Grant of Probate to the Estate of the deceased)
advising beneficiaries on the terms of a will;
dealing with the tax implications of a will and applying for Grant of Probate or Administration
Grant of Probate
If there is a Will made, we, on behalf of the Executor, will apply to the Probate Office to obtain a Grant of Probate so that the deceased’s estate can be distributed according to their Will.
Grant of Administration
If there is no will made we, on behalf of the nearest next of kin, will apply to the Probate Office for a Grant of Administration and distribute the deceased’s estate in accordance with the law.
Tax Implications
Revenue Returns – Capital Acquisitions Tax (otherwise known as Inheritance Tax)
The first step which must be completed in order to obtain a Grant of Administration or Probate is the completion of documentation prepared by us for submission to the Revenue Commissioners which sets out the value of all assets and debts of the deceased person at the date of death and details of all beneficiaries to the estate. The estimated value of each inheritance is set out for the assessment of any tax liability by the Revenue Commissioners.
The inheritance is taxed if its value is over a certain limit or threshold. Different tax-free thresholds apply depending on the relationship between the deceased and the beneficiary.
There are also a number of exemptions and reliefs that can apply depending on the nature of the inheritance. An example being if you receive an inheritance from your spouse, you are completely exempt from Capital Acquisitions Tax.
At Geraghty & Co. we possess a wealth of experience in dealing with the tax implications arising in the administration of estates.