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Inheritance

  • 15-07-2017 10:05am
    #1
    rtron
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭


    If a person is left a parents inheritance, is there a time limit on the time to sort moving all assets into that person's name.
    Apologies in advance this was probably asked before.


Comments

  • #2
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    There is no set time limit: the standard is reasonableness.

    There is one time guideline in the Succession Act: the executor is allowed a year before any challenge on timing can be raised. You might argue on the basis of that that any delay longer than a year needs to be justified.


  • #3
    rtron
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭rtron


    P. Breathnach wrote: »

    There is one time guideline in the Succession Act: the executor is allowed a year before any challenge on timing can be raised.
    Thanks for this what type of challenge might be raised?


  • #4
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    I'm no expert.

    It would be a High Court matter, therefore expensive.

    You need to ask yourself if you are considerably disadvantaged by any delay. Are you prevented from living in a house that is destined to become yours? Are you denied money for which you have a real need? Or are you simply irritated by delays which seem to you to be unnecessary?


  • #5
    rtron
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭rtron


    OP here, my question is really about property, if the deeds didn't change hands in a certain length of time could the council or something claim it.


  • #6
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    rtron wrote: »
    OP here, my question is really about property, if the deeds didn't change hands in a certain length of time could the council or something claim it.
    It often happens that transfer of property is very slow. It's not an issue unless you want to sell it.


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  • #7
    rtron
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭rtron


    P. Breathnach wrote: »
    It often happens that transfer of property is very slow. It's not an issue unless you want to sell it.

    Thanks again P


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    P. Breathnach wrote: »
    It often happens that transfer of property is very slow. It's not an issue unless you want to sell it.

    Or raise a loan using the property as security. At which point it would be necessary to get the deeds transferred into your name.
    rtron wrote: »
    OP here, my question is really about property, if the deeds didn't change hands in a certain length of time could the council or something claim it.

    No. Other than the situations described above, as long as there is a paper trail (wills, grants of probate etc.) showing that you are the rightful (if not quite legal) owner, there is no urgency in transferring the property into your name.


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