M
MaryB
Guest
My father has an ARF which he would like to leave to my mother when he dies. The revenue site says that when a person dies, if the money is put into an ARF for the spouse, it is transferred tax free but if it is given as cash to the spouse, it is treated as income of the deceased and taxed as such.
My question is: does my father's will have to specify that his ARF should be put into an ARF for my mother or can the executor decide to do this? If he doesn't specify an ARF for her in his will, will the ARF automatically be converted to taxable cash?
At the moment, my father's will just says that everything is left to my mother.
Thanks.
My question is: does my father's will have to specify that his ARF should be put into an ARF for my mother or can the executor decide to do this? If he doesn't specify an ARF for her in his will, will the ARF automatically be converted to taxable cash?
At the moment, my father's will just says that everything is left to my mother.
Thanks.