Legally if you are the benefactor of a Will what date do you become the beneficiary

Did you smash it

so if I am the beneficiary of a Will what date do I legally become the beneficiary?

date of death of the deceased?

date probate is granted?

date amount is lodged?

some other date?

coylemj

What is the valuation date?

The valuation date is the date on which the market value of a gift or inheritance is established. The market value is the best price you would get if you sold the item on the open market.

The valuation date:

for an inheritance is the earliest of these dates:

• the date the executor or administrator can receive the inheritance to give it to you
• the date the executor or administrator actually receives the inheritance to give it to you
• the date the executor or administrator gives the inheritance to you.

https://www.revenue.ie/en/gains-gifts-and-inheritance/valuation-date-and-the-value-of-certain-benefits/what-is-the-valuation-date.aspx

Did you smash it

https://www.boards.ie/discussion/comment/117876790#Comment_117876790

Forgive me but Does that answer my question? When does the beneficiary become legal owner of the items in the will?

i am the executor and the beneficiary.

for tax purposes I wish to know when I became legal owner of the items in the Will.

xeresod

https://www.boards.ie/discussion/comment/117876888#Comment_117876888

I'm in the same situation, and from what I've read on Revenue it seems to be when you actually have the inheritance, so as you're the beneficiary and executor the valuation date would be when you as the executor took possession of the items, money in accounts etc.

Revenue,ie says for an inheritance the valuation date is the earliest of:

the date the executor can receive the inheritance to give it to you

the date the executor actually receives the inheritance to give it to you

the date the executor gives the inheritance to you

It gives an example of a guy who left a house to his sister who was living with him and 50k to his nephew - for the sister the valuation date is the date of death as she is already living in the house, and for the nephew the valuation date is either the date of probate or if the payment is made earlier it's the date of payment.

So if you took possession before 31st August you're due to file an IT38 return and pay the tax by 31st October.

The probate process changed a few years so instead of sending a form to the Court Service, the details are filled out online with Revenue so they know about it up front now!

coylemj

Forgive me but Does that answer my question? When does the beneficiary become legal owner of the items in the will?

Forgive me but you have asked two different questions....

In your first post, you asked: 'what date do I legally become the beneficiary?'

You've told us that you're asking for tax purposes so the the answer to that question is the valuation date, answer already supplied.

You then asked 'When does the beneficiary become legal owner of the items in the will?'

If an individual inherits a property, there is no compelling reason to go to the expense of registering it in their own name until they decide to either sell it or use it as security for a loan. So the answer to that question is 'you decide'. Which is why revenue are concerned with a valuation date and not the date on which the beneficiary becomes the legal (registered) owner.

xeresod

https://www.boards.ie/discussion/comment/117880767#Comment_117880767

Don't know how to part quote, but in terms of the last point - no need to register it all before sale, once probate has been granted you can sell as the legal personal representative of the deceased....solicitor fees for this are the same as general conveyancing, you'll just need to sign extra paperwork!

amen

https://www.boards.ie/discussion/comment/117880767#Comment_117880767

RE "decide to either sell it or use it as security for a loan" so if I inherit a house how do I insure it ?

Peregrinus

Forget registration. You can be the owner of land without being the registered owner of the land. That's how trusts work.

The OP has asked several different questions, but the last one he asked was this:

"For tax purposes I wish to know when I became legal owner of the items in the Will."

It's relevant that he himself is the executor of the will, as well as the beneficiary entitled to certain unspecified property, which (because he hasn't told us) could be anything from (a) a vast estate of land and houses to (b) an ornamental eggcup of purely sentimental value. It is likely that the answer to the OP's question will have nothing to do with registered title because, if the property he has inherited is property of a kind where ownership is registered, he would surely have mentioned this.

The correct answer to his question is mostly likely the answer he was first given; for tax purposes, the valuation date is almost certainly the one that matters. I say "almost certainly' because there are, of course, a variety of different taxes, and a variety of different purposes which might be in issue here.

So, if the OP could be a bit less coy and tell us what is the property, and what is the tax, and what is the particular tax issue, we could attempt a more specific answer. But on the limited information given, odds are that the that answer will be "the valuation date".

coylemj

https://www.boards.ie/discussion/comment/117881911#Comment_117881911

You inherited the house in a will which means you have an insurable interest in it. Even before probate is complete. So you can insure it.

coylemj

https://www.boards.ie/discussion/comment/117880960#Comment_117880960

solicitor fees for this are the same as general conveyancing, you'll just need to sign extra paperwork!

But my point was: why pay any fees if you have no plans to sell the property in the short term?

xeresod

https://www.boards.ie/discussion/comment/117884017#Comment_117884017

You don't - there is no need to put the property into your name at all....myself and siblings jointly inherited a property 20 years ago and never put it any of names and sold it recently a the legal personal representatives of the deceased person listed on the folio

coylemj

https://www.boards.ie/discussion/comment/117884525#Comment_117884525

+1 I made that point in post #5 (last paragraph).

xeresod

https://www.boards.ie/discussion/comment/117885491#Comment_117885491

Just pointing out that even for a sale it doesn't need to be registered!

(No idea about a loan though, although I'd imagine a bank would need it registered in the applicants name so they can place a burden on the folio)

coylemj

https://www.boards.ie/discussion/comment/117885524#Comment_117885524

Sorry, I get your point. Yes, if you're selling it, there is no need to get it registered in your name. But nobody will accept the property as security for a loan unless it's registered in your name.

Peregrinus

https://www.boards.ie/discussion/comment/117884017#Comment_117884017

Well, you do run the risk that, e.g., if the executor dies or becomes imcompetent before the property is sold or transferred to the beneficiaries, when you do come to sell /transfer there will be additional complication/expense getting a new legal per rep appointed to do what the executor failed to do before dying. So I wouldn't leave the estate half-administered indefinitely.