Inheritance, Wills and Succession

Administration of Estate

Inheritance Tax, or Capital Acquisitions Tax

 

Probate is the legal process of administering the estate of a deceased person. This involves settling any claims and distributing the deceased person's property as laid out in a valid will.  As with any legal process, there are technical aspects to probate administration, and Julie Breen Solicitors in Ferns and Enniscorthy can advise you on all aspects surrounding Probate, from making your Will or changing your Will, to the laws of Inheritance Tax, administering a Will and extracting a Grant of Probate.

Top

Making A Will - Julie Breen Solicitor - Enniscorthy, Co. Wexford

Inheritance, Wills and Succession

In order to determine what will happen to your assets after your death, it is crucial to make a Will.

A Will ensures that your wishes are known and taken into account, simplifies the legal process for your heirs, and ensures that your loved ones are protected in the event of your death.

 

Without A Will

If you die intestate (i.e. without making a valid will), the 'Laws of Intestacy' will  determine how your assets are distributed, using strict laws of entitlement. This may not be in accordance with your own wishes, and can cause great distress and expense to those you leave behind, as well as giving rise to unnecessary Inheritance Tax.

 

Making / Changing Your Will

At Julie Breen Solicitors in Ferns and Enniscorthy, we can guide you through the whole process of how to make or change your Will. At certain times in your life it is particularly appropriate to consider your Will, for example when:

  • you get married (all former wills are automatically revoked when you marry)
  • you have children
  • you purchase property
  • your marital status changes (i.e. divorce / separation)
  • you are in a long-term relationship but are not married

 

How Much Does It Cost To Make A Will?

The cost of making a Will is determined by the complexity of your assets and your personal situation. However the average cost of most common Wills is approximately €120 + VAT. Before coming to talk to us about your Will, it is a good idea to make a list of your assets, your dependants and your choice of executors, as well as any specific wishes and questions you have.

Top

Administration of Estate

If there is a valid will and an executor has been appointed, then the executor deals with administering the estate. If there is no will (or if there is a will but there is no executor) an administrator is appointed - usually the next of kin or a solicitor. Administering a Will means making sure that the estate is distributed in accordance with the Will and with the law.

 

Grant of Probate

Part of the process involves a Grant of Probate, which is a process whereby the Will is certified to be valid and it is established that all legal, financial and tax matters are in order. Only then can the executor or administrator get on with the job of distributing the estate. If the estate is complex it may be advisable to appoint a solicitor administer the Will.

Julie Breen Solicitors in Ferns and Enniscorthy have a great deal of experience in administering Wills, extracting Grants of Probate, explaining how to appoint an executor or how to be an executor, and all other aspects of a person's last Will and testament.

Top

Inheritance Tax, or Capital Acquisitions Tax

When you receive an inheritance following a death, it may be liable to inheritance tax (also known as Capital Acquisition Tax (CAT)). Inheritance Tax is a self-assessment tax, which means the person who receives the inheritance is the person responsible for paying the tax. Because the rate of inheritance tax and the tax thresholds change regularly, it is highly advisable to engage a solicitor with expertise in this area to guide you.

At Julie Breen Solicitors in Ferns and Enniscorthy, we can advise you on all aspects of Capital Acquisition Tax. This includes establishing how much you are entitled to receive tax-free to calculating your tax liability and filing your inheritance tax (IT 38) form. It is important to note that even if there is no tax due, you must still file an IT 38 if your inheritance exceeds 80% of your threshold.