FarmerSmith
Registered User
- Messages
- 6
I just found out my father doesn't have a will and he wants to make one next week. I don't have time to get onto my tax consultant before this so I'm wondering if anyone here can help make the best short term will until I can get my tax man onto it.
Background, my father is 85, I'm an only child, my mother is 71 and my aunt (relevant) is 81. The whole will thing just came to light as his brother and sister died in the last year and he wants his sorted now.
My father owns Kerry co-op shares (approx €40,000 worth, possibly more, unsure if these are in his name or jointly owned with my mother),
a joint account with my mother,
a 40 acre farm (which is being rented by a neighbour although my father is refusing to take money for it!)
the house he and my mother live in,
the house my aunt lives in and he has signed a right for her to live there for her lifetime.
A patch of land (€120,000 value) jointly owned with his sister. This is owned in such a way as if he passes first, she gets his share, if he passes first, he gets her share.
He wants to leave everything to me but as I understand it he has to leave 2/3 to my mother? Plus I don't have much money at the moment to be dealing with tax so I was thinking
Leave the house my aunt is living in to me. This should fall under the €225,000 tax liability.
Have the wording so if his sister passes first he can leave the land to me (I qualify for ag relief as I inherited my uncles farm)
Leave everything else to my mother, then when she passes ill be able to use ag relief and the €225,000 from her to reduce my liability.
I know this is very simplistic but when my father wants something done he wants it done NOW, hence the will. My tax man is on holidays for 3 weeks and I'm due to give birth in 4 weeks!
Background, my father is 85, I'm an only child, my mother is 71 and my aunt (relevant) is 81. The whole will thing just came to light as his brother and sister died in the last year and he wants his sorted now.
My father owns Kerry co-op shares (approx €40,000 worth, possibly more, unsure if these are in his name or jointly owned with my mother),
a joint account with my mother,
a 40 acre farm (which is being rented by a neighbour although my father is refusing to take money for it!)
the house he and my mother live in,
the house my aunt lives in and he has signed a right for her to live there for her lifetime.
A patch of land (€120,000 value) jointly owned with his sister. This is owned in such a way as if he passes first, she gets his share, if he passes first, he gets her share.
He wants to leave everything to me but as I understand it he has to leave 2/3 to my mother? Plus I don't have much money at the moment to be dealing with tax so I was thinking
Leave the house my aunt is living in to me. This should fall under the €225,000 tax liability.
Have the wording so if his sister passes first he can leave the land to me (I qualify for ag relief as I inherited my uncles farm)
Leave everything else to my mother, then when she passes ill be able to use ag relief and the €225,000 from her to reduce my liability.
I know this is very simplistic but when my father wants something done he wants it done NOW, hence the will. My tax man is on holidays for 3 weeks and I'm due to give birth in 4 weeks!
