The Process
You can write a Will yourself but is very advisable to contact a solicitor to assist you in the preparation of your Will. A solicitor will advice you about your Will and give you advice with regards to the tax implications of what you propose to do and will ensure that the Will you have written is valid.
A valid Will must: –
(a) Be in writing.
(b) Be completed by someone over 18 years of age.
(c) The Will must be signed in the presence of two witnesses present at the same time if possible.
(d) The two witnesses sign the Will in the presence of each other.
When you are making a Will, you should consider whether the person you are giving the inheritance to can receive it tax free or not. There are currently three tax thresholds which set out the benefits which each group can receive tax free. as follows: –
Group A – This applies to the child of a beneficiary to include adopted and stepchildren – €335,000.
Group B – This applies where the beneficiaries are brother, sister, niece, nephew or such lineal ancestor – €32,500.
Group C – Known as “stranger in blood” and all other cases – €16,250.
If a beneficiary exceeds any of the above thresholds, then any money received above that amount stated will be taxable at 33%.
Small Gift Exemption
Any person can receive €3,000 from any other individual (there does not have to be a blood relative link between you and that person) in any calendar year without having to pay tax on it. This small gift exemption only applies to gifts and not to inheritance.
You can contact McCormack Solicitors on
Email: info@carolmccormacksolicitors.ie
Phone: 071 9621846
www.carolmccormacksolicitors.ie
Disclaimer:
The contents of these pages are provided as an information guide only. While every effort is made in preparing material for publication no responsibility is accepted by or on behalf of McCormack Solicitors for any errors, omissions or misleading statements on these pages or any site to which these pages connect.
