O'Shea-O'Neill Solicitors
Church View, Ballinlough Rd, Cork
TEL: 021 - 4294564
FAX: 021 - 4292321
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    MAKING A WILL

    Have you made a will?
    Making a will can be a straightforward procedure that need not take long. Failure to make a will can have a catastrophic effect on your loved ones when you pass away.

    What to consider:
    When thinking about how to make a will, you will need to address the following points:
    1) What assets do you have?
    2) Who do you want to leave them to?
    3) Who do you want to be in charge of organising your affairs after you are gone? This person is called the executor.

    For many people, once you can answer these three questions you have all you need to instruct your solicitor to draft your will.

    If you have children under 18, you will need to appoint guardians and trustees to care for them in the event that you and your spouse/partner pass away. Your solicitor can explain this to you in detail.

    Once you have made your will, you can rest easy knowing that you have made provisions for your loved ones.

    Have a voice: make a will.



    GRANTS OF PROBATE & ADMINISTRATION

    If a loved one has passed away leaving behind a valid will, then the executor appointed in the will is responsible for extracting the Grant of Probate and administering the Estate in accordance with the wishes of the testator (the person who made the will).

    Where a person has passed away without having made a will, the Law decides who his/her beneficiaries are. Generally, one or more of the beneficiaries is entitled to extract a Grant of Administration that allows them to collect the assets of the Estate and distribute them among the beneficiaries.

    We can assist you with this task.



    INHERITANCE AND GIFT TAX

    Inheritance and gift tax is the tax applicable to people who inherit under a will or under the rules of intestacy, or receive a gift.

    Since Brian Lenihan's emergency budget in April 2009 the following applies to acquisitions made from the 7th April 2009:

  • There is no CAT liability between spouses.
  • Children can receive up to €434,000.00 tax free from a parent.
  • Parent/Brother/Sister/Niece/Nephew/Grandchild, can receive up to €43,400.00 free of tax.
  • Other relationships can receive up to €21,700.00 tax free.

    These figures are subject to certain restrictions. Prior acquisitions may be taken into account for the purposes of calculating the tax free allowance. For acquisitions that exceed the tax free allowance, the CAT rate applied as and at 7th April 2009 is 25% on any amount exceeding tax-free allowance threshold.



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