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| WILLS, PROBATE AND TAX PLANNING |
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 If you need legal advice on any Wills, Probate or Tax Planning issues, please contact us here. |
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| | Many people believe that only those with a lot of money or property need make a will however this could not be further from the truth. Some think that it is a complicated and expensive process. In fact, this is not so. | | | | A will can be a very simple document setting out your instructions on how your assets should be distributed when you die. It can take into account special bequests (gifts) to friends and charities, or to relatives who would not have any special claims under the law if there were no will. |
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| It is important that every person makes a will as it allows you to provide for the distribution of your property on death. Should you die without having made a will, then it is the law which decides who your property will pass to. |
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| Only a professionally prepared and properly executed will ensures that the wishes of the deceased can be carried out. It also reduces the possibility of family disagreements and unnecessary expenditure on litigation. |
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| The role of the Executor, Trustees and Guardians |
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| | An essential part of any will is the appointment of at least one Executor although it is advisable to appoint two. | | | | Two Trustees must be appointed where one or more of the Beneficiaries is under age and it is also advisable to appoint Testamentary Guardians whose function, together with the Trustees, is to protect the interests of any infant children until they come of age. | | | | The executor carries out the wishes of the deceased as stated in the will and distributes the property according to the terms of the will. An executor may be one of the people who will benefit under the will, such as a spouse or other family member. |
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| Should someone have appointed you to be their executor, we will be more than happy to advise you of your duties and functions and to assist you in obtaining the grant of probate through the Probate Office and the distribution of the deceased’s estate to the various beneficiaries. |
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| Inheritance Tax Planning: |
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A will can provide an invaluable opportunity as a tax planning device. A will can be drafted in such a way as to make the best possible use of the various tax reliefs available. In that case the inheritance tax liability of any beneficiary can thus be greatly reduced, if not wiped out completely.
The potential Inheritance Tax liability of any beneficiary will be determined by that person's relationship to you.
There are 3 Group Thresholds, these being as follows for 2009: |
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| Group 1 – Child/ foster child or minor child of a deceased child of the donor and the threshold amount is €542,544.00 |
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| Group 2 – Lineal ancestor or lineal descendant, brother or sister or child of a brother or sister and the threshold amount is €54,254.00. |
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| Group 3 – All others and the threshold amount is €27,127.00 |
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Doyle & Company shall advise you as to the various reliefs available and the conditions that must be met before they will apply.
The principal reliefs are:
· Small gift exemption
· Dwelling-house relief
· Business relief
· Favourite nephew relief
· Agricultural relief |
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Doyle & Company can guide you through making your will and talk to you about any queries, anxieties or problems you may have. We will be happy to explain and guide you through the following areas:
· Appointing executors
· Changing wills
· Appointing trustees and guardians
· Probate and Administration of Estates
· Setting up trusts
· The position of spouses and children
· Inheritance tax
Guard the rights of your spouse and children and their future peace of mind and security by making a will which is clear and not open to misinterpretation in years to come. |
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If you need legal advice on any Wills, Probate or Tax Planning issues, please contact us here. |
