Wills and Probate

WHY MAKE A WILL?

It is estimated that 33% of people die without having made a Will. This can often cause hardship for those left behind and can cause long delays in sorting out the deceased’s affairs. Most people intend to make a Will but it’s something that they just never get around to. We make the process of making a Will hassle free and can even call out to you, if you are unable to make it into our office. By making a Will you decide how your assets are shared out, if you are not married you can provide properly for your partner as under inheritance law they will have no automatic right to a share of your estate. A Will allows you to engage in proper estate planning which can minimise the amount of Inheritance Tax (Capital Acquisition Tax) your beneficiaries pay. Above all a Will creates certainty.

 

CAPITAL ACQUISTIONS TAX

If you receive an inheritance following a death, it may be liable to Capital Acquisitions Tax (CAT). If you receive an inheritance from your spouse or civil partner, the amount you receive is 100% exempt from CAT. The following are the CAT Thresholds after the 5th December 2014:

 

Threshold Relationship Tax Free Amount
A Children €225,000
B Immediate family €30,150
C Cousins & non relatives €15,075

The balance of your inheritance is then taxed at a flat rate of 33%.

There are various other tax relieves available such as dwelling house relief, agricultural relief, business relief, favourite nephew/niece relief and for more information on these and to find out if you qualify please make an appointment to come in and discuss this with us.

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