Living Trust

Redshoes

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61
In the US they have an what they call 'A Revokable Living Trust'. The revokable refers to the fact that you can change items within the living trust at will. The trust allows you to put in property, shares, and other things of value and then at the time of my death, as an example, these things are the dispersed to who I want to have them without having to go through probate etc. Is there something similar in Ireland?
 

Thirsty

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2,265
Letter of wishes would be the nearest cover I would think; however any property of value has to be listed in the CA24 as there may be inheritance tax to be paid.

The letter of wishes doesn't replace the will/probate/ administrator process; but allows you to let family and friends have momentoes, small items of low value, household goods (family china from Grandma), mom's wedding ring and the like.

Try and keep it simple.

I had to do similar for a deceased relative and it took me six months to locate and distribute everything.
 

Redshoes

Frequent Poster
Messages
61
Letter of wishes would be the nearest cover I would think; however any property of value has to be listed in the CA24 as there may be inheritance tax to be paid.

The letter of wishes doesn't replace the will/probate/ administrator process; but allows you to let family and friends have momentoes, small items of low value, household goods (family china from Grandma), mom's wedding ring and the like.

Try and keep it simple.

I had to do similar for a deceased relative and it took me six months to locate and distribute everything.
I want to avoid inheritance taxes, and also I want to avoid probate. Probate is just another word for paying solicitors and the state,and I really don't see any good reason to do that.
 

Thirsty

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2,265
First of all, you won't pay inheritance tax; you'll be dead.

Your beneficiaries may have to, it depends on their relationship to you and how much they inherit. You'll find the current figures on the Revenue website.

If you don't have a will your property will be divided as required by law.

Whilst probate is not always required, it is not as such a choice for you to make; but is a factor of what type of property and assets are in the estate, what the value is and if property is in joint or single names.

I think you need proper legal advice, making a will is not expensive; the consequences of not making a will could be.
 

Redshoes

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61
Oops
I'm going to explore 'revokable living trust' more because it sounds like a very good idea.
I do have a will.
 
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