50 + and no will

E

Eddie Peters

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Been to friend's funeral lately and the penny's dropped that I won't live forever. Just wondering for a singleton with two properties and a few shares - what's the most simple and cheapest way to donate assets after my demise? Having no offspring, I assume that it's best to leave all to sisters and brothers, nephews and nieces equally I think. All are are entitled to 33K before CGT. I'm planning to visit solicitor next week and also wondering how much this will cost. Any advice welcome.
Thanks in advance.
Eddie
 
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Easier for your executors is there is a will, so still sensible planning. If you have views on the subject also worth leaving a letter of wishes in regards to your funeral and personal effects (clothes, low value sentimental items, photos books etc).

I'd strongly recommend you look into inheritance tax before making a decision on what you want to do.
 
Thanks for the reply Thirsty. Not a fan of sentimental items. Simply want to make things as easy as possible for others and minimise their tax burden. We can only plan based on information currently at hand. I assume that 33K limit before CGT is correct - although in light of #makegráthelaw ref maybe things will change..
 
With a bit of planning you can substantially remove the tax burden. Personal view, but you've paid enough to acquire assets in the first place, why let the tax man take it.

The threshold this year for Group B is €30,150. You can take out a life assurance policy to pay inheritance tax.

Making a will isn't expensive, but think carefully about who you want as your executor.
 
Thanks for the reply but what's the point in shelling out more on a life assurance policy to avoid inheritance tax? What does a straight forward will cost approx?
 
what's the point in shelling out more on a life assurance policy to avoid inheritance tax
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It costs a lot less!

re will cost - I'm not 100% certain of current cost, but at a rough guess I doubt it'd be more than €200.
 
There's a thing called '[broken link removed]' which allows beneficiaries to be treated as though they were your children, subject to certain conditions.

As Thirsty says, with a bit of planning you can reduce tax liability very considerably. As far as possible, your executor should be a neutral party vis-à-vis of the beneficiaries. It's not a light undertaking and your solicitor will probably have good advice for you about the importance of choosing wisely.
 
I was looking at that favourite nephew/niece thing as well but it seems only to apply to a business?
 
Thirsty said:
It costs a lot less!

re will cost - I'm not 100% certain of current cost, but at a rough guess I doubt it'd be more than €200.
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This is quite unhelpful to the OP as it ignores his age and the tax amount involved.

Whole of life cover for a male aged 63 for a sum of 100K is €250 a month from here irishlife.ie
 
Uncross your wires there..

OP was asking re average cost of drawing up a will...that was the question I answered.

Also OP is 50+... don't be adding a decade to the poor man! ;)
 
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Some solicitors do not charge for wills,the thinking behind this maybe is later on they will have the probate etc to sort out.The solicitor in Cork that i used did not charge me,otherwise i think it maybe about €100.
 
DrMoriarty said:
There's a thing called Favourite Nephew, niece.........which allows beneficiaries to be treated as though they were your children, subject to certain conditions.

As Thirsty says, with a bit of planning you can reduce tax liability very considerably. As far as possible, your executor should be a neutral party vis-à-vis of the beneficiaries. It's not a light undertaking and your solicitor will probably have good advice for you about the importance of choosing wisely.
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Interesting, never heard of that way of reducing tax liabilities. Family are so important :)
 
Apparently one can gift €3K per year per brother/sister/niece/nephew (lodged to a trust-fund account) to accumulate tax-free..
 
DrMoriarty said:
There's a thing called '[broken link removed]' which allows beneficiaries to be treated as though they were your children, subject to certain conditions.
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This applies only in very limited situations and requires the nephew/niece to be working for the aunt/uncle for a number of years on a farm or other business.

The numbers of people who avail of it are, I'd imagine, negligible.

[broken link removed]

The relief applies to a niece or nephew who has worked substantially on a full-time basis for the disponer for the period of five years ending on the date the disponer ceases to have a beneficial interest in possession in the business. The relief will only apply to assets used in connection with the business. Note that farming is a business for the purposes of the relief. In order to qualify for the relief, the beneficiary must have worked a minimum number of hours in the disponer’s business, i.e.

  • 15 hours per week in a small business, i.e. a business carried on exclusively by the disponer, the disponer’s spouse or civil partner and the nephew/niece.
  • 24 hours per week in a larger business, i.e. where there are other employees.
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Famous last words...
Oscar Wilde “This wallpaper and I are fighting a duel to the death. Either it goes or I do.
Spike Milligan: "I told you I was ill".

I have an appointment with a solicitor later in the week to make a will. Cost will be approx €70. Just doing a bit of forward planning... I assume that cremation is probably more financially beneficial. Not sure if it's of any environmental benefit though (as it doesn't allow maggots, worms etc to feast upon my rotting corpse). Another option is donation to science. Finally does anyone know if a living will is legal in Ireland?
 
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reminds me of a story about 2 brothers meeting in the street...one says to the other.."granddad got quite badly burned" "how bad is it?" asked the other..... well says he.."they dont mess about at the cremitorium!!
 
a living will is legal
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If by 'living will' you mean a Do Not Resuscitate (DNR) then yes that is legal. It would normally only come up if you were in hospital and/or had a serious condition and you can complete a DNR and have it put on your file. At 50+ and assuming you are otherwise in good health, I personally wouldn't advise it.
 
Eddie Peters said:
Famous last words...
Oscar Wilde “This wallpaper and I are fighting a duel to the death. Either it goes or I do.
Spike Milligan: "I told you I was ill".

I have an appointment with a solicitor later in the week to make a will. Cost will be approx €70. Just doing a bit of forward planning... I assume that cremation is probably more financially beneficial. Not sure if it's of any environmental benefit though (as it doesn't allow maggots, worms etc to feast upon my rotting corpse). Another option is donation to science. Finally does anyone know if a living will is legal in Ireland?
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Excellent you've made an appointment. Have you decided who will be executor, a sibling or niece/ nephew, in all honesty I'd give that person an extra 10 k to make it worth their while dealing with everything. Take a copy of the will, let your siblings know you've made a will and which solicitors.
 
Thanks for the feedback Bronte - the will is in draft form now. Deciding on executors was the difficult part but think it's in hand now. It was worth doing - but I'm still annoyed that after a lifetime of work and paying taxes year after year, Mr Noonan will still come out smiling:( In fact I'm probably more valuable to the state now if I were six foot under..
 
Eddie Peters said:
Thanks for the feedback Bronte - the will is in draft form now. Deciding on executors was the difficult part but think it's in hand now. It was worth doing - but I'm still annoyed that after a lifetime of work and paying taxes year after year, Mr Noonan will still come out smiling:( In fact I'm probably more valuable to the state now if I were six foot under..
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If you're that flush how about gifting annually 3K to everybody. You can't take it with you. I'm intending to have enough to see me out and leave little or nothing behind.

You should also probably pay now for your funeral arrangments/plot etc. Many people do this.
 
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