Will

Conchurl

Hey I’m only 25 but thinking of making a will as you never know what could happen. Can anyone tell me the max about of money/assets I can leave to the following people in a will. As I don’t want to go into the solicitor to make the will and waste his time asking all of these questions

Father
Mother
Brother
Aunt
Uncle in law
Cousin
Friend 1
Friend 2
Friend 3
Friend 4
Son of friend 1+2

Robbo

There are no limits to what any person can be bequeathed.

There are, however, various tax thresholds, depending on the relationship with the deceased. Beyond these points, they beneficiary will pay CAT (currently 33%) on the surplus.

Your solicitor will be able to give you a breakdown on some of the practical implications of this.

Conchurl

Robbo wrote: »

There are no limits to what any person can be bequeathed.

There are, however, various tax thresholds, depending on the relationship with the deceased. Beyond these points, they beneficiary will pay CAT (currently 33%) on the surplus.

Your solicitor will be able to give you a breakdown on some of the practical implications of this.

Any idea of what the tax thresholds are?

duffman13

Conchurl wrote: »

Any idea of what the tax thresholds are?

They are linked in the post above

http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

Conchurl

duffman13 wrote: »

They are linked in the post above

http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

Thank perfect

Robbo

Robbo wrote: »

There are no limits to what any person can be bequeathed

Other than the amount of money you have available to leave.

Peregrinus

But note that the tax threshold are for all the gifts/inheritances that the individual has received.

So, for example, Friend 1 can receive a lifetime total of €16,250 free of tax, counting not just gifts/inheritance from you but gifts/inheritances from everyone not closely related to him. You won't necessarily know what other gifts/inheritances your intended beneficiaries have received, or might receive before your death.

brian_t

Conchurl wrote: »

As I don’t want to go into the solicitor to make the will and waste his time asking all of these questions

You won't be wasting your solicitors time by asking him all these questions.
That's how he makes his money.

Really Interested

Conchurl wrote: »

Hey I’m only 25 but thinking of making a will as you never know what could happen. Can anyone tell me the max about of money/assets I can leave to the following people in a will. As I don’t want to go into the solicitor to make the will and waste his time asking all of these questions

Father
Mother
Brother
Aunt
Uncle in law
Cousin
Friend 1
Friend 2
Friend 3
Friend 4
Son of friend 1+2

Many solicitors will do a will for free or very cheap. Probate law is a minefield. The Courts are full of cases involving wills, for example in the probate list today in the High Court there are 16 matters listed that is just one day.