Wills & Administering an Estate
Who should make a will ?
Any persons 18 years old or older should make a will and in particular any individual who has been recently married (even if under 18), divorced or separated. A will should also be reviewed taking into account a change of circumstances for example the birth of a child (even if the parent is under 18) or the death of a close relative.
It is important that a person makes a will in order for his/her estate to be distributed in accordance with their wishes otherwise the estate will be divided among the closest relatives in accordance with rules set out in law.’
It is imperative to give clear and concise instructions to your solicitor when making your will. Consider also discussing your wishes with relatives and loved ones which could help minimise a later fallout or family dispute.
It may be possible to reduce inheritance & gift tax through careful estate planning which should be discussed with your solicitor. Various options include: Business relief, Agricultural relief, Favourite nephew relief, Life assurance relief, Sections 72 & 73 policies. RECENT UPDATE:-https://www.irishtimes.com/business/economy/inheritance-tax-rise-on-card-in-budget-as-tax-take-slides-1.4245903
An individual should keep an up-to-date record of his/her assets and liabilities otherwise some assets (for example bank accounts) may be overlooked in the administration of the estate. It can happen that these monies are eventually transferred to the state (via Dormant Accounts Funds) and are not reclaimed.
We can also advise and assist personal representatives (i.e. executors or administrators) with the administration of the estate which can often be a difficult and emotional time with the loss of a loved one. RECENT UPDATE – The Revenue Commissioners has introduced a new system for submitting (mainly online) a schedule of the deceased’s assets & liabilities at the date of death. This form is known as a Statement of Affairs (Form SA.2). The Revenue Commissioners will thereafter issue a notice of acknowledgement (form). This form is lodged along with all required papers to the Probate office in order to take out a Grant of Probate/Letters of Administration.
PLANNING AHEAD:
An Enduring Power of Attorney (EPA) and the Assisted Decision Making (Capacity) Act are becoming extremely important with people now happily living longer.
An EPA can allow an attorney to take a wide range of actions on your behalf (in relation to property, financial affairs and personal care decisions) in the event of you becoming mentally incapable. Another benefit is that an EPA can avoid a potential Court Application which can be an expensive and cumbersome process.
The Nursing Homes Support Scheme, also known as the “Fair Deal” provides financial support to people who need long-term nursing home care. The scheme is operated by the HSE. Under this scheme, you make a contribution towards the cost of your care and the State pays the balance. The scheme covers approved private nursing homes, voluntary nursing homes and public nursing homes.
Anthony Fay and Company is an experienced law firm in this area and offers legal assistance at reasonable rates.
Contact Our Office at 01-836 9805 for more information if you have an enquiry in relation to this section. You can speak to a solicitor, or simply enquire online and we will telephone you within 24 hours.
Disclaimer:- The information provided on this website is for educational purposes only and is not intended to be legal advice. Please note that legal advice should be sought in relation to individual circumstances