Leaving an asset in a will or creating a trust?

jimbobaloobob

As the heading suggests I need some guidance on pros and cons of both of possible in terms of current earnings on the asset and the transfer of the asset after death. . Few people suggested trusts to me recently and any info I find seems to not be entirely linked or related to ireland. Appreciate any help.

Hope I have posted to the right area and meet the criteria.

Peregrinus

You're going to have to tell us what outcome you want. What is the asset, who do yu want to leave it to and why are you even considering putting it into a trust?

jimbobaloobob

The asset is property with a steady revenue stream coming from it. To be honesty I couldn't tell you why I would put it in a trust or not as I was unsure of the information I found online about it. Wondering I suppose is there less of an issue with taxation if money is withdrawn from the trust as opposed to passing on the property and having to declare revenue along with whatever other income the inheritor has. Hopefully I'm explaining it correctly.

Peregrinus

Except for charitable trusts, trusts very rarely deliver tax advantages in Ireland; usually the opposite.

But you're going about this entirely the wrong way. You have to start by identifying what you want to do; only then does it make any sense to think about how you might do it. At this stage in the process "should I put it in a trust?" is a bit like asking "should I buy a bicycle or a canoe?", when you don't yet know where you are or where you want to get to.

Forget tax, forget legal structures and forget being smart, and just as yourself this question; what do I want to do?