Wills
A Will is a document that states in clear terms how you would like your assets or property to be distributed after your death. It is a statement of future intention which only becomes effective on death. Making a will is quite a simple and inexpensive process but extremely important nonetheless. Good planning gives you better control over your future. It gives you direction on how to use your resources whether they are small or large. An ideal outcome from this planning would be peace of mind in later years. Begin your planning today.
Probate
Probate or Administration are the terms given to the process of distributing a persons estate after their death to their beneficiaries. It is the executors (where there is a Will) or administrators (where there is no Will) who are responsible for protecting the assets, obtaining the Grant of Probate or Grant of Administration, clearance letters from the Revenue Commissioners and Social Welfare, and ultimately distributing the assets to the persons entitled. The beneficiaries will be named in the Will. If there is no Will then the beneficiaries are established according to the table at the bottom of this page.
Tax Thresholds (what you can receive tax-free)
Beneficiaries are categorized into groups depending on their relationship to the disponer or testator. The groups are linked to the Consumer Price Index (CPI) so they rise or fall annually with inflation.
The indexed Group Thresholds for 2009 and 2010 are set out in the table below:
| | | 01/01/09 to 07/04/09 | 08/04/09 to 01/01/10 | 2010
|
| A | Son / Daughter | €542,544 | €434,000 | €414,799 |
| B | Parent / Brother / Sister / Niece / Nephew / Grandchild | €54,254 | €43,400 | €41,481 |
| C | Relationship other than Group A or B | €27,127 | €21,700 | €20,740 |
What happens if you do not make a Will?
| Relative Surviving | Distribution of Estate |
Spouse and issue. (ISSUE IS THE LEGAL TERM FOR OFFSPRING) | Two thirds to spouse and; one third equally between issues. |
| Spouse and no issue. | Spouse takes all. |
| Issue and no spouse. | Children take equally with children of a pre-deceased child taking per stirpes. |
| Father, mother, brothers & sisters. | Each parent takes one half. |
| One parent, brothers and sisters. | Parent takes all. |
| Brothers and sisters. | All take equally. Children of a pre-deceased child take per stirpes |
| Nephews, nieces and grand parents. | Nephews and nieces take all equally. |
| Nephews, nieces, uncles, aunts and great grand parents. | Nephews and nieces take all equally. |
| Uncles, aunts and great grand-parents. | Uncles and aunts take all equally. |
| First cousin, great uncle, great nephew and great great grand-parent. | First cousin, great uncle and great nephew take all equally. |
Note: If someones dies, but was pre-deceased by their spouse and their children, their estate goes to the grandchildren. When someone who dies without leaving a will or any living relatives, their estate/property will pass to the state.
Per Stripes: Per stirpes is a Latin term so we will explain it in plain English using an example. George had three children, Bill, Bob & Barbara. Bill died in 2002 leaving two children of his own. George died intestate in 2008. Who will take George's estate? Bob & Barbara will take one third each and the remaining one third will be divided equally between Bill's children. That's per stirpes!
Inheritance and Succession: The Complete Irish Guide by our John G. Murphy and Jason Dunne is now available in bookshops or direct from Liberties Press info@libertiespress.com
For further information see www.myinheritance.ie.
Contact: John G. Murphy/Jason Dunne
Email: info@johnasinnottsolicitors.ie
Telephone: +353 53 9233111
Fax: +353 53 9233042