credit union and inheritance

[Greenfingers]

My mother died a month ago and apart from the family home which is in both their names, and which is to go to my father, she left some money in the credit union, and had nominated my father as the beneficiary of the account. My father has now been advised by the credit union that he has to go to a solicitor in order to get her money. He said they mentioned thresholds etc... but as he was taken aback by the fact that he had to go to a solicitor he didn't hear half of what was said!. Can any one advise me on the threshold for inheriting money for next of kin, at what threshold is CGT or income tax payable. Also, can I ask if I have to bring him to a solicitor as the cu is the only money left (and he's nominated for this)?

 

[Gordon Gekko]

I am sorry for your loss. There is nothing to worry about from a tax perspective. The person in the credit union is a clown. No tax arises on asset transfers between spouses, so talk of thresholds is just misleading spoof.

 

[Monbretia]

Maybe he picked it up wrong, what is the balance in the account? The nomination covers amounts up to 23k, after that the will or succession rules apply, so maybe there is more than that and they are talking about the amount in excess of the nomination amount.

 

[Slim]

My mother died a month ago and apart from the family home which is in both their names, and which is to go to my father, she left some money in the credit union, and had nominated my father as the beneficiary of the account. My father has now been advised by the credit union that he has to go to a solicitor in order to get her money. He said they mentioned thresholds etc... but as he was taken aback by the fact that he had to go to a solicitor he didn't hear half of what was said!. Can any one advise me on the threshold for inheriting money for next of kin, at what threshold is CGT or income tax payable. Also, can I ask if I have to bring him to a solicitor as the cu is the only money left (and he's nominated for this)?

Sorry for your loss. Perhaps your Dad was overwhelmed by the circumstances on day of the conversation. You need to take your Dad to the Credit Union with an original death cert for your mum and the CU will arrange payment to the nominee up to the €23.5k threshold. The balance will be held until someone handling your late Mum's affairs contacts them re Probate or Administration.

 

[Greenfingers]

Sorry for your loss. Perhaps your Dad was overwhelmed by the circumstances on day of the conversation. You need to take your Dad to the Credit Union with an original death cert for your mum and the CU will arrange payment to the nominee up to the €23.5 threshold. The balance will be held until someone handling your late Mum's affairs contacts them re Probate or Administration.

Sorry for your loss. Perhaps your Dad was overwhelmed by the circumstances on day of the conversation. You need to take your Dad to the Credit Union with an original death cert for your mum and the CU will arrange payment to the nominee up to the €23.5 threshold. The balance will be held until someone handling your late Mum's affairs contacts them re Probate or Administration.

Thanks a Mil, for all the replies, the added amount the cu gives on death takes the account to 40 tho, my mother made no will just had my father nominated in cu. Any one any idea of sols fees?

 

[GabbyTheKing]

Thanks a Mil, for all the replies, the added amount the cu gives on death takes the account to 40 tho, my mother made no will just had my father nominated in cu. Any one any idea of sols fees?

I think Solicitors they hold a will nothing else. The executor has power over who deals with the will and how. Get a quote for the works before they start anything. Get a number of quotes form different solicitors before proceeding. I think that is the practicality of it anyway. I wouldn't stick with the same guy just because!