Will versus no will - costs and tax liability question

C

Crazychick

Registered User
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If my husband dies without making a will, I understand that under Irish law, his estate will go to myself and our children. Can anyone advise if the costs /tax liability is higher for myself and children if there is no will ?
 
It costs about 123 euro to make a will.

There are no tax implications in the transfer of assets between or from spouses.

Dying and leaving no will, property and small children is irresponsible - small children cannot dispose of assets. Overage children, if they are troublesome, can cause real problems for widowed people.

Without knowing someone's circumstances, it is not possible to answer the question posed.

mf
 
Would adult children have to pay more tax if there was no will ? Or would the tax liability be the same.
 
Does the spouse who is asking about the tax liabilities want to benefit their children? And if so what percentage?

If they make no will, then the spouse will get two thirds and the children will get one third. And it depends on the size of the estate as to whether or not they will pay any tax.

And what about the family home? Is that owned jointly - will it pass outside the estate?

It would make more sense if the OP would post real figures - that is the only way any one can analyse the figures/situation.

mf
 
The house is in joint names between spouses. There are bank accounts in my husband's name only totalling approx. 60K. Other bank accounts are in joint names.
 
Assets can pass from spouse to spouse "tax free" whereas "parent to child" transfers are taxable above €225k per child.

So basically it depends...
 
Although I have no personal experience, I was told by a friend whose sister was widowed suddenly, where there was no will that it took a lot longer to transfer assets etc and bank accounts were frozen while it went through probate.
 
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