Tax affairs during probate

[saltandpepper]

My 4 siblings & i have been left the family home value 450k euros but in the will one of our brothers is allowed to reside in the home until he passes which is fine by all of us...my question is during probate do the beneficiaries tax affairs have to be paid up in full even if the home is not getting sold anytime soon...and do we still have to go through probate given the home is not getting sold?

 

[jpd]

Yes, you have to go probate- the ownership of the property is changing

Any taxes due are payable as well, but if the 450k is divided between you all, no CAT is likely to be due

 

[jpd]

The estate solicitor will be able to guide you

 

[saltandpepper]

Thank you…the estate solicitor is asking 7k plus vat for the probate service.

 

[jpd]

Shop around

 

[thedaddyman]

In terms of the 7k, are there other aspects to the estate (cash, shares etc) that also need to get sorted out.? 7k if it is just a house sounds a lot but may not be if there is more involved.

Note at the end of probate, the Tax office will have to issue a tax clearence cert for the deceased so it is better all round to get this all sorted now.