Will with all benefactors and executors overseas?

Y

ysenrab

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i have an appt for Dec to make a will. I am an expat living in Ireland and have no partner, children etc. At this time i will be leaving my estate to be split between my parents, siblings and nieces/nephews who all live in my birth country. If the worst happened, and i was hit by a bus or something a week after making my will, i have some questions...

1. from reading another thread, i think they would all have to apply for Irish PPS numbers?
2. i presume they will be hit with the 33% tax rate? Is the anything else i (or they) need to be aware of?
3. My nieces and nephews are only young. Is there a way of the money being put aside so they can only access it when they are a certain age or for college, house deposit etc?
3. With regards to an executor, how many do i need to name? Will it be a problem if they are not resident in Ireland?
4. How much detail should i have prepared for the solictors appt? I presume i need to think not only about the money side of things, but also personal possesions and who i want to have what?
5. Do i include what i want for funeral arrangements in the will (now that's getting really morbid!)

Is there anything else i should be thinking about or preparing for the appt?
 
Would you not just be better off leaving everything to your parents? And they can then leave their estate to your siblings, who will in turn leave things to their children. Is your estate large (are you wealthy?)

You also have to consider the taxes in the country the beneficiaries reside.

Bring a list of your assets and the correct names and addresses of everybody. Will people really want your personal possessions?
 
I would like to leave it split evenly amongst everyone as I would be happy knowing that i had helped them out in some way. If i was hit by a bus and had just left everything to my parents, they could live for another 30 - 40yrs and by that time it could be all eaten away in nursing home fees etc. So my siblings and nieces and nephews wouldn't benefit. I'm not wealthy but between things there would be a nice chunk for them all.

With regards to personal possessions I don't mean the ordinary things - I know they wouldn't want those anyway as shipping them to their homes wouldn't be practical. But there are other bits and pieces that i know my sister would want, or would hope I would give to her daughters for example and it's those things that I mean. My grandmother recently passed away and I've seen first hand how nasty it can get over 'who gets the clock on the wall' etc when it's not specified 100% in the will which is why I'm thinking of it.

My home country doesn't have any death or inheritance taxes so i don't know the implications of that for them.
 
Re momentoes...you can write a Letter of Wishes for yr executor to give out small, non high-value items such as photos, costume jewellery, china/glass etc.
 
1. Yes, but this is not difficult. It is simply a form to be completed.
2. Your solicitor will advise you, but most of the relationships you mention are in the class B threshold, meaning they can each take roughly 30000 from you before paying tax. That is the threshold at the moment but it will be whatever the threshold is when you die. So it could go up ( or down). After that tax is paid at 33% at the moment and again that rate is subject to change.
3.Yes, a simple trust will do this. There are some tax implications but again, solicitor will talk you through it.
Second 3. You can have one or more executors. You can name whoever you want, worst case the named executor can appoint someone in Ireland to take out the grant on their behalf.
4.You can have as much detail as you want. Bring in a list if you like. It is your will, you can do whatever you want in it. But if there are lots of little details it will help to have it in writing.
5. Yes, you can have funeral arrangements in your will, quite common.

If you die leaving Irish assets, your relatives will be subject to irish inheritance tax on them. Otherwise, if the assets are abroad, it will depend on your domicile/residence and of the beneficiaries. Again your solicitor will talk you through all this.
 
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