A Will is a declaration in writing of your wishes for the distribution of your estate after your death. An Executor is appointed by you to carry out the administration of your estate upon your death in accordance with your wishes.
However if you die without making a Will, the Succession Act 1965 determines who is entitled to your estate. The rules of the Succession Act might not be in accordance with your wishes so it is important that you make a Will to set out your wishes and intentions.
A Will revokes all former Wills/Testamentary dispositions and sets out any special requests you may have and, the beneficiaries you name for any bequests made by you. A Will must be witnessed by two people who witnessed you signing the Will in their presence. A Will takes effect on the day that you die and, you may change your Will at any time if you wish to make any alterations.
Capital Acquisitions Tax may be payable on an inheritance left to a beneficiary of your Will depending on their relationship to you. There are tax thresholds to determine Capital Acquisitions Tax due. A spouse is fully exempt from paying Capital Acquisitions Tax. There are certain reliefs to avail of for Captial Acquisitions Tax relating to agricultural property and business property and 90% relief is afforded for determining tax on these properties.
There are also other reliefs which can be availed of for a dwelling house that a beneficiary resided in for three years and elderly brother/sister relief. We would fully advise you on these reliefs and, on your tax thresholds as same would depend on the individual and their circumstances. Prior gifts and inheritances relating to a beneficiary since the 5th December 1991 will also be accountable for when assessing Capital Acquisitions Tax.