Inheritance: Your questions answered
Summary
Andrea McNamara from EY Law discusses recent increases to Ireland’s capital acquisitions tax thresholds and answers listener questions on inheritance law. Topics include testamentary freedom for single individuals, appointing executors, and the complexities of DIY probate. The segment also covers double taxation for UK inheritances, rental income during probate, and bank restrictions on releasing funds without a grant of probate.
Topics discussed
Introduction and overview of Capital Acquisitions Tax
New tax-free thresholds for Groups A, B, and C
Effective date of new thresholds and transition to listener Q&A
Can siblings challenge a will made by a single person?
Should adult children be named as executors in wills?
Can you handle probate yourself without a solicitor?
Implications of dying without a will (intestacy)
Double taxation on UK inheritances for Irish residents
Allocation of rental income before probate is granted
Inheritance tax on a jointly owned holiday home
Tax implications of inheriting a house from an uncle
Accessing bank accounts over the probate threshold
Closing remarks and sign-off
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