DIY Probate - Will Short of Funds

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luain

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My late father in law gifted his estate before he passed. All that's left is 25k in a bank account, which I am dealing with the probate office as a private application. However his will states that 33.5K be left to my daughter, 16.75K to myself and the balance to my wife ( these values were to optimise the revenue allowances) - We are the only three mentioned in the will.

My question is, does my daughter simply get the 25k as she is first named in the will? I ask this as I need to submit a revenue affidavit (CA24) to the probate office and hence deal with the tax implications.

Thanks in advance.
 
Unless the will used a form of words that makes it clear that something different is intended, the bequests to your daughter and yourself rank equally - two-thirds to her, one-third to you.

Debts, funeral costs and testamentary expenses (if any are still outstanding) come ahead of bequests.

Your wife, as you seem to presume, gets nothing as the residual beneficiary because there is no residue.
 
Thanks Padraigb,
Yes, the will was specific in words "I give & bequeath the sum of €33,500 to my grandaughter XXXXX, I give & bequeath the sum of €16,750 to my son in law XXXXX .....the rest residue and remainder to my daughter XXXX" . So the probate office would split the 25k as you said 2/3 to my daughter 1/3 to me? ( my wife got the primary element of his estate as a gift).
 
The Probate Office doesn't make the split: the Executor does that. The Succession Act and the Probate Court operate on the presumption that the Executor is honest.
 
Many thanks Padraig, final question. As my daughter is a minor her will sum will require some type of trust account to lodge to?
 
Sorry, that's outside my realm! Perhaps some one of our legal experts can pick this one up and comment.

If your daughter is within shouting distance of her majority, I think you can simply delay paying her bequest for a time. The estate of which you will be Executor is akin to a trusteeship, and the role of an Executor is similar to that of a sole trustee.
 
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