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I want to opt OUT of being a beneficiary of a will.

  • 03-07-2019 12:11pm
    #1
    Inspector Dhar
    Registered Users, Registered Users 2 Posts: 143 ✭✭


    I do not want to be the beneficiary of a will. Can I opt out, and how do I go about doing this? Thanks


Comments

  • #2
    Spanish Eyes
    Registered Users, Registered Users 2 Posts: 16,059 ✭✭✭✭Spanish Eyes


    When the person who has made the will dies (not sure if that's the case yet), you can inform the executor that you wish to disclaim your benefit. Then your gift in the will goes back to the estate.

    https://www.revenue.ie/en/gains-gifts-and-inheritance/completing-your-gift-or-inheritance-tax-return-it38/what-is-a-disclaimer-of-benefit.aspx


  • #3
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,774 Admin ✭✭✭✭✭hullaballoo


    Just watch out for the pitfall of disclaiming your interest in favour of other beneficiaries. The Revenue Commissioners view this as taking the legacy and gifting it on to the person(s) in whose favour you have purported to disclaim.

    That means you have to pay tax on the inheritance (or your global "tax free allowance" in the relevant category is reduced) and the person(s) in whose favour you have purported to disclaim have to pay tax on your gift to them.

    You can disclaim generally and what you were entitled to as a beneficiary falls back to the estate.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    hullaballoo wrote: »
    Just watch out for the pitfall of disclaiming your interest in favour of other beneficiaries. The Revenue Commissioners view this as taking the legacy and gifting it on to the person(s) in whose favour you have purported to disclaim.

    +1 at the Revenue website (link provided by poster Spanish_Eyes above), this is stated explicitly ........

    When you disclaim a benefit you cannot specify what is to happen to that benefit. If you pass your benefit to another person then this is not a disclaimer and both you and that person will have to pay CAT.


  • #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    You can't disclaim under a will if you are in default under a debt judgement. It would be seen as a fraud on your creditor. You can always aske the testator not to leave you anything.


  • #6
    [Deleted User]
    Posts: 8,856 ✭✭✭ [Deleted User]


    4ensic15 wrote: »
    You can't disclaim under a will if you are in default under a debt judgement. It would be seen as a fraud on your creditor. You can always aske the testator not to leave you anything.

    Wow that’s interesting. Not something that would have occurred to me till you posted it. Makes total sense of course now that I think of it.


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