Advice on parents will

Hi,

My father has made his will, in which he has divided whatever money he leaves between me and my four siblings.

He has not spoken to two of them for a number of years and recently advised he was changing his will and leaving them nothing. I advised him against this.....fearing huge anamosity towards me and two brothers and also a bad legacy for him to leave.

There is no property involved but pmmrobably some cash
He now is suggesting that I open a bank or credit union account and he deposits money to it.He would use it if he needs to but if and when he dies it won't be part of his estate and so the others won't know about it.

Apart from my discomfort, I am wondering would I have to pay tax on a sum lodged into a newly opened account in my name? Would the others be able to find this money? They don't have any idea of my fathers finances presently.

Any other thoughts appreciated

Many thanks.

are you the executer of the will

Up to 3000 euros can be gifted tax free per calendar year. That is an option that you can avail of.

He can also put about €22.5k in a Credit Union account, and nominate you to receive it on his death. That does not become part of his estate, and is completely separate from whatever he puts in his will.

feena said:

Any other thoughts appreciated

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Your father is free to do what he wishes.

You mentioned your own discomfort. Can you analyse that for yourself. And then make your decision based on that. No amount of money can ever compensate for losing your family over money. In my life experience.

Let your father open the account and then when he passes away, divide it equally among you and your siblings.



Steven
www.bluewaterfp.ie

SBarrett said:

Let your father open the account and then when he passes away, divide it equally among you and your siblings.



Steven
www.bluewaterfp.ie

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That sounds like a plan to ease discomfort