Inheritance conundrum...

Discussion in 'Wills, inheritances and gifts' started by emeralds, Dec 14, 2016.

  1. emeralds

    emeralds Frequent Poster

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    Last edited: Dec 14, 2016
    A's uncle died and has left A a sum of €60,000. A has already exceeded her category B CAT threshold so will be paying tax of 33% on the €60,000. Tax will be €19,800 leaving her €40,200.

    The will then states that A's 3 children are to each receive their maximum amount up to the category C tax threshold ie. €16,250 from the amount that A has been bequeathed. So A's three children are to receive a total of €48,750.

    A is bemused and bewildered! Is she to find €8,850 from her own resources to allow the amounts to be given to her children as the will stipulates? Or does she divide her €40,200 into 3 equal amounts?

    Or is it all a bit bonkers as A is beginning to think??? She is hoping that possibly the children's share will come off the gross €60,000...
     
    Last edited: Dec 14, 2016
  2. Joe_90

    Joe_90 Frequent Poster

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    It never ceases to amaze how wills are done.

    I'd imagine it's €16,250 to each child and €11,250 to A.

    The inheritance for Uncle to As child rather than to A and then the child.
     
  3. robbie000

    robbie000 New Member

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    You should talk to a solicitor about the option of A rejecting anything left to her to see then does this amount go to the children which would mean they would get the max amount available to them.
     
  4. emeralds

    emeralds Frequent Poster

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    I think this must surely be the intent. So A has some hope !!

    Mind you the uncle went to a solicitor to draw up the will, but quite possibly came up with the convoluted method by himself...
     
  5. SBarrett

    SBarrett Frequent Poster

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    2,035
    Any decent solicitor would have spotted that error.