Questions re probate
- Thread starter jtk
- Start date
Bronte, I did as you suggested & downloaded the form, filled it out with my MIL's details, printed out two copies one for the cousin & one for SIL which they've both signed correctly.... hubby is taking these |& a death cert to solicitor Wednesday in order to get the original will.
no, we're hoping that as there's only 4 beneficiaries (hubby here in Ireland, others in uk who're getting PPS numbers) it should be straightforward enough, but he's going to ask for a quote when he gets the will.
because funds in bank are <€35,00 & CU <€16,00 (inc death ins), they're both happy to release funds to hubby, so he can pay funeral expenses & final nursing home bill.
I assume we're allowed to continue paying utility bills out of that money seeing as SIL is coming over to help with clearance? we need to sell the property asap in order to pay the HSEFair deal loan back
I'm not sure of our next step?
- valuation by auctioneer (approx. €350,000)
- get a BER cert
- complete a Letter of clearance from Revenue IT8
- apply for Probate by sending documents via registered post
what am I missing?
thank you for your help
Yes you pay for utilities etc, you pay for everything and keep a receipt for everything. And you need to do whatever is required to keep the house maintained, all costs come out of the estate. You will need a solicitor for the conveyance. If there's nobody in the house then you can put it up on the market (subject to probate).
There are special rules for beneficiaries abroad.
You will also need to know if any of them had a prior inheritance. Be very careful, because if I remember rightly, the executor is financially liable if the tax is not paid/declared correctly.
Gift and Inheritance Tax (Capital Acquisitions Tax – CAT)
This page gives a general overview on CAT implications on gifts and inheritence.
www.revenue.ie
You may receive gifts and inheritances up to a set value over your lifetime before having to pay CAT. Once due, it is charged at the current rate of 33%
You do not pay CAT on a gift or an inheritance if either:
- the total is below the relevant group threshold amount (when its value is added to previous gifts and inheritances in the same group).
The Group B threshold applies where you, the beneficiary, on the date of the gift or inheritance are:
- a brother or sister of the disponer
Tax-free thresholds
| Group A | Group B | Group C | |
|---|---|---|---|
| On or after 9 October 2019 | €335,000 | €32,500 | €16,250 |
Take 300K (VERY rough figures)
/2 = 150K each, less tax free amount 32.5 = 117500. Taxed at 33% = 38775 Tax (each) leaves you with 111K each.
Tax will be higher if they already inherited. And the UK, well that's a different story. I wouldn't be paying out anything until well cleared by revenue.
/2 = 150K each, less tax free amount 32.5 = 117500. Taxed at 33% = 38775 Tax (each) leaves you with 111K each.
Tax will be higher if they already inherited. And the UK, well that's a different story. I wouldn't be paying out anything until well cleared by revenue.
|
Bronte, thanks a mill, it's getting a lot clearer in my head now. 
yes we're keeping a list of payments & have receipts for absolutely everything
I thought hubby & SIL would fall under Group A being son & daughter of the disposer? neither have had any prior gifts in their lifetimes
from reading through that link to the revenue guide it appears we won't need to complete the IT8 as funds are less than €50,000
a trip in to town is on the horizon
yes we're keeping a list of payments & have receipts for absolutely everything
I thought hubby & SIL would fall under Group A being son & daughter of the disposer? neither have had any prior gifts in their lifetimes
from reading through that link to the revenue guide it appears we won't need to complete the IT8 as funds are less than €50,000
a trip in to town is on the horizon
yes we understand the calculation, we're very cautious people n won't be dividing the money until we're absolutely certain it's all correct
Pinoy adventure
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You’ll have too decided what is happening with assets within the property.
You are entirely correct, I thought it was siblings. That's a relief, I was trying to figure out how you could avoid paying revenue a whopping 80K ! I hate paying revenue anything.Bronte, thanks a mill, it's getting a lot clearer in my head now.
yes we're keeping a list of payments & have receipts for absolutely everything
I thought hubby & SIL would fall under Group A being son & daughter of the disposer? neither have had any prior gifts in their lifetimes
from reading through that link to the revenue guide it appears we won't need to complete the IT8 as funds are less than €50,000
a trip in to town is on the horizon
No trips to town until money is in the bank ............. And then I suggest a town far away ...... a trip of a lifetime to remember their mother, something she'd love them to do to make themselves happy.
ok so, we've got the money from the CU (<€14,500) which hubby is going to use to pay the following:
- funeral costs;
- final nursing home bill;
- final pharmacy bill;
- final mobile phone;
- BER certificate
- cost of Probate
- anything else outstanding.....
I'm assuming that's all allowed at this stage?
when the house is sold we've to pay back the HSE Fair Deal loan scheme out of the proceeds, then other beneficiaries can have their money (€1,000 each to 2 grand children & remainder split between hubby n SIL)
hubby is wondering what the (very rough) costs of a solicitor getting probate would be & if it would be quicker?
there's absolutely nothing of value in the place, mostly nik-naks n stuff that nobody really wants, I tried selling her tv for €50 & a guy laughed at me!
clothes, shoes, handbags & as much other stuff as possible I'm taking to charity shops
Pinoy adventure
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yes we're doing that, but so far no secret stash found, lol
yes there was, in favour of hubby & SIL
by this do you mean completing the form for probate?
Statement of Affairs (Probate) Form SA.2
This hub provides information for the Statement of Affairs (Probate) Form SA.2
www.revenue.ie
Just remember jtk, we don't eat an apple by shoving it in our mouths and trying to swallow it all at once. We do it one bite at a time.