Will amendment

Rosehipster

Good evening all.

I won't ask for any personal legal advice, but was hoping someone could indicate whether this is available in Ireland.

Is there some sort of clause or condition you can put in a will to control someones inheritance? I mean that the beneficiary would not be able to freely access their inheritance without the consent of someone appointed to to release it? Maybe someone could kindly let me know if such a thing exists.

Many thanks,

Rose.

Marcusm

Rosehipster wrote: »

Good evening all.

I won't ask for any personal legal advice, but was hoping someone could indicate whether this is available in Ireland.

Is there some sort of clause or condition you can put in a will to control someones inheritance? I mean that the beneficiary would not be able to freely access their inheritance without the consent of someone appointed to to release it? Maybe someone could kindly let me know if such a thing exists.

Many thanks,

Rose.

That's called a will trust. Speak with a solicitor.

4ensic15

Rosehipster wrote: »

Good evening all.

I won't ask for any personal legal advice, but was hoping someone could indicate whether this is available in Ireland.

Is there some sort of clause or condition you can put in a will to control someones inheritance? I mean that the beneficiary would not be able to freely access their inheritance without the consent of someone appointed to to release it? Maybe someone could kindly let me know if such a thing exists.

Many thanks,

Rose.

You can have the inheritance put in trust. There are technical rules to comply with as well as taxation implications. It is quite common to have age restrictions where assets are in trust with the trustees having the discretion to apply them for the purposes of the beneficiaries education or training until the beneficiary is 25. Expert advice is critical as DIY efforst are notorious for falling apart.

Rosehipster

Thank you very much for taking the time to reply. I wasn't sure if that kind of thing was done here, figured it was just for wealthy Americans and the likes!

So, nothing more specific than education or training would not be likely to stand up? If someone writing a will wanted a beneficiary to only have access to their inheritance for the purposes of using it as a deposit for a house, for example? Or is that unheard of?

Just for clarity, I am not enquiring about this for personal reasons.

4ensic15

Rosehipster wrote: »

Thank you very much for taking the time to reply. I wasn't sure if that kind of thing was done here, figured it was just for wealthy Americans and the likes!

So, nothing more specific than education or training would not be likely to stand up? If someone writing a will wanted a beneficiary to only have access to their inheritance for the purposes of using it as a deposit for a house, for example? Or is that unheard of?

Just for clarity, I am not enquiring about this for personal reasons.

It can be made completely discretionary. I just gave an example. It can be for any worded so that it can be for any purpose the trustees see fit.

Rosehipster

4ensic15 wrote: »

It can be made completely discretionary. I just gave an example. It can be for any worded so that it can be for any purpose the trustees see fit.

Thank you