Inheritance / making a will

fizzypish

Hi All,
Recently it has come up between me and my sister and between my sister and my father seperatly that we need to sort out the inheritance.
A few points:
1. My father is seperated and my mother will not be recieving anything in the event he passes (not for a long time yet folks, we're just getting our ducks in a row)
2. My father has made a will naming myself and my sister as the inheritors
3. There's no agro between me and my sister, I'd even be ok with signing over the whole lot to her (she's got a family) provided she doesn't sell the place (its land, no money). Home is where the hearth is.


So there is no drama. I had a quick read of this before I started typing: https://www.rte.ie/lifestyle/living/2018/0926/998263-heres-what-you-need-to-know-about-inheritance-tax/


I don't think the tax will hit us as we are well below the 310K mentioned.
What we want is:


1. Dad want the whole thing smoothly laid out so there is no problems, the ownership smoothly transitions and we avoid paying of unneccessary money to the government.
2. Security for himself so that if he becomes somewhat feeble in years to come we don't turn into dickheads and sell his home out from under him (We're not, we all get on very well but I'm all for putting this stuff on paper. People can change) but at the same time can deal with simple administration stuff for him if he wishes e.g. Tree's planted on the land, farm assist payments etc...
3. The transition of payments from aforementioned tree


I have a fair idea what we need to iron out before rocking up to the solicitor but is there anything obvious I'm missing? Thanks for any advice.

Atlantic Dawn

Are you sure your mother will have no claim on it? If they are seperated she will likely have entitlement to some of his estate unless this was already previously settled in a divorce.

Leaving it between you and your sister can be messy, if she or you fall on tough times and want to sell it will have to be sold to buy the other person out.

Is there a house involved?

fizzypish

Atlantic Dawn wrote: »

Are you sure your mother will have no claim on it? If they are seperated she will likely have entitlement to some of his estate unless this was already previously settled in a divorce.

Leaving it between you and your sister can be messy, if she or you fall on tough times and want to sell it will have to be sold to buy the other person out.

Is there a house involved?

Re my mother, I think they are only seperated at the moment but nows the time to ask the question I suppose. I'll put that on the list of things to Iron out.



Regarding me and my sister, yes I agree. We get on great now but the future is a dark and murky place. As I said, I'm happy enough to sign it over. She needs it more than I do. I know that if I do that she can sell it off if she wishes but I may just have to take that chance.

And yes there is a house.

hullaballoo

If any property is held in joint tenancy, be it land, money in the bank etc, it will automatically go to your mother if your father dies first. That is typically what causes problems after the death of one of the estranged spouses.

It can be messy even to sort that out while both spouses are still hale and hearty.

Best of luck.