The only thing is to have a very clear will laying out that you want your house sold,
To expand on that, a strategy to avoid tax would be to give each grandchild the max tax free amount.There’ll be tax leakage as €33,500 x 13 is less than €500k, plus values may increase further over time, as hopefully there’s plenty of life left in the old dog yet!
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You mention that your own kids are “mostly” financially stable. It doesn’t have to be “all duck or no dinner”. Why not leave 20% to the kids that mightn’t be doing as well, and a share of their family’s €100k to the grandchildren whose parents are doing well?
Don't forget your house contents. Furniture, paintings, silver, jewellery etc. I'd suggest making a list and putting names beside them or, as my mother did, leave the contents to one person and give them instructions as to what to do with everything
Yes, I'm not suggesting a list for a will and probate but just for the family. Whoever gets the house generally gets what's in it unless otherwise stated. So if one or multiple people get the house it might be prudent to state that the contents should be distributed as per ones wishes - hence the list. As I mentioned, my mother left all the contents to one person and that person had instructions as to what to do with most of it - none of it was listed for probate so all "under the radar".Most people wouldn’t do that. The more typical approach is for contents and “bits and pieces” to be distributed in line with the deceased’s wishes but “under the radar”.
What would be the pros/cons of bequeathing estate to all the grandchildren equally? (I'm aware of the 33k threshold).
(Adult children are mostly financially stable, and are happy with whatever decision I make).
Many thanks
Hammer
Equal between the two families would be the more common approach and the fairer one in my view.Whatever you do, try and avoid a family squabble after you are gone. I have one sibling, she has two children, I have three. My sibling apparently wanted my parents estate split 50:50 between the two families but my parents were determined each grandchild would get the same inheritance. That being said, they missed a trick and did not leave anything to the children's spouses, which would have saved some CAT (it was a significant inheritance) - they had their own reasons for that but a shame nonetheless
We'll agree to differ on that one, I guess it depends on your perspectiveEqual between the two families would be the more common approach and the fairer one in my view.
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