leaving Property in a will ? Question ?

ROCKMAN

Hi all ,
Just a quick question about leaving a proberty ie house in a will . My Aunt is about to get her Will done and she wants to leave her house to my younger brother ,who has been living with her for the last 20 years , My question .. Is are there any Duties / Taxes or legal issues involved because its AUNT to NEPHEW .

coylemj

The threshold for inheritance by a nephew/niece is Eur 33,208, this amount will be tax-free and your brother will be liable for inheritance tax of 25% on the balance.

http://www.revenue.ie/en/tax/cat/thresholds.html

If your aunt has no husband or children then she can leave the house to whoever she pleases, there are no legal issues.

ROCKMAN

coylemj wrote: »

The threshold for inheritance by a nephew/niece is Eur 33,208, this amount will be tax-free and your brother will be liable for inheritance tax of 25% on the balance.

http://www.revenue.ie/en/tax/cat/thresholds.html

If your aunt has no husband or children then she can leave the house to whoever she pleases, there are no legal issues.

Thank you

krd

Do children in Ireland have a legal claim to their parents property?

I know in Germany they do. What's the situation here?

McCrack

If parent dies intestate and no surviving spouse yes, if testate no but subject to a S117 application of the Succession Act 1963

http://www.irishstatutebook.ie/1965/en/act/pub/0027/print.html

coylemj

krd wrote: »

Do children in Ireland have a legal claim to their parents property?

I know in Germany they do. What's the situation here?

They do not have an absolute right to inherit so if a widow or widower with adult children makes a will, they can leave their entire estate to the Cats and Dogs home. However as the previous poster has pointed out, a child can make an application under S. 117....

http://www.irishstatutebook.ie/1965/en/act/pub/0027/print.html#sec117

Effectively if all of the children got a good upbringing and education and were provided for according to the means of the parents then as adults the children have no legal right to inherit from their parents' estate.

s2c

What is the position where a child is unofficially fostered, i.e. the child is brought up by a family friend after the death of the childs mother, the family friend receives no state benefits. When the family friend dies is the child she reared exempt inheritence tax where such child is the beneficiary

coylemj

s2c wrote: »

What is the position where a child is unofficially fostered, i.e. the child is brought up by a family friend after the death of the childs mother, the family friend receives no state benefits. When the family friend dies is the child she reared exempt inheritence tax where such child is the beneficiary

That is a revenue question as opposed to a legal question. The situation is that she would not have the same exemption as a child unless she had been adopted by the family friend who reared her after the natural mother died.