The Succession Act 1965 provides the rules of intestacy i.e. it outlines the manner in which the law requires the estate of a deceased person to be distributed if that person has died intestate i.e. has not made a Will. The Succession Act 1965 also stipulates who is entitled to take out a Grant of Administration in the estate of the deceased i.e. who is entitled to manage the affairs of the deceased.
If you wish
a) To determine how your estate is distributed,
b) To appoint Executors i.e. to specify who deals with the administration of your estate,
c) To appoint guardians for your minor children (i.e. children under the age of 18), and / or
d) To appoint trustees (to look after property left to minor children or vulnerable adults),
then you are best advised to consult a Solicitor with a view to making your Will.
A Will speaks from death, and you are free to review and update your Will as and when you wish – for example, if the nature or value of your assets change, if your minor children become adults, if you have grandchildren.
Given that tax legislation is frequently amended, you are best advised to review and update your Will regularly.
Capital Acquisitions Tax (CAT) is a tax on gifts / inheritances.
When instructing a Solicitor in relation to your Will, you should ensure that a tax planning review is also carried out to assess the likely tax liabilities of those who will receive an inheritance of your estate – with a view to minimising / avoiding tax liabilities arising and ensuring that your assets are distributed in a tax efficient manner.
We can advise you in relation to the likely Capital Acquisitions Tax arising for each beneficiary on the distribution of your estate and assess whether there are any reliefs or exemptions from Capital Acquisitions Tax that may be availed of.
If you have any queries regarding making or reviewing your Will, or Tax Planning, or if you would like a detailed quotation Contact Us