Suggestions for what to do with my will when I have no children

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creditworthy

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Good evening, I`ve looked but am unable to find a previous thread on the above. I would appreciate if anyone can find it, if they could direct me there please? Have to bite the bullet and update my existing will due to an inheritance and would like to think of options ...I have a few ideas in mind , however could be complicated and of course, I will seek thorough legal advice .
Never in 5 million years could I have predicted that I `d have no family and now must make different plans . I`m in my late 40`s , have relations but to be absolutely honest, the relationships would not be close and definitely would not be leaving any of them my hard earned cash !!

A quick question - does someone have to be a family member to consider the Dwelling House Exemption as an option ? Thank you.
 
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What sort of advice are you looking for. Suggestions on what to do with it or suggestions on the implications for the ideas you have?
 
straight from the horses mouth

Qualifying conditions for inheritance on, or after, 25 December 2016

Information on inheritance of dwelling house on, or after, 25 December 2016
www.revenue.ie www.revenue.ie

Qualifying conditions for inheritance on, or after, 25 December 2016​

You will be exempt from Capital Acquisitions Tax (CAT) on the inheritance of a dwelling house if, at the date of the inheritance:

  • the house was the only or main home of the person who died (this condition does not apply if you are a dependent relative)
  • you lived in the house as your only or main home for the three years immediately before the date of the inheritance
  • you do not own, or have an interest in, any other house
  • you do not acquire an interest in any other house from the same disponer between the date of the inheritance and the valuation date
  • the house continues to be your only or main home for six years after the date of the inheritance. This does not apply if you:
    • are aged 65 years or over at the date of the inheritance
    • are required by reason of employment to live elsewhere
    • or
    • are required to live elsewhere because of mental or physical infirmity, and this is certified by a doctor.
 
@creditworthy

I don't remember seeing any such thread. I did a search and it has not been discussed.

It's a good question.

What charities are you interested in and which would spend the money the best?

Maybe it's a mental health charity? Maybe it's an arts organisation? Maybe a sports club?

The one thing to be careful about is to find the exact name of the organisation you want to leave it to. There used to be disputes between the ISPCA and the DSPCA when people put in their will "€10,000 to the cat and dogs home". You should put in either its charity number or its company number.

So for example, you should say.
I leave my estate to the Dublin Society for Prevention of Cruelty to Animals , Mount Venus Road, Dublin 16. Chy Number 1047




Brendan
 
Another consideration is that it might be more efficient to give them money when you are alive, if you are a taxpayer.

For example.
If you leave €100k to the National Gallery in your will, they will get €100k.
If you give them €100k while you are alive, they can get tax back on it at 45%, so they get an additional €45k.
If you buy a significant work of art for €500k and donate it to them, you can get €400k tax credit, so it costs you only €100k

So at a cost to you of €100k, the Gallery gets either
€100k
€145k
€500k.

Key Post - Tax relief on donations to charity

Revenue Guide If you make a cash donation of €250 or more to an approved charity, they can claim a tax refund of 45% of the amount you donate. Say you donate €1,000 to a charity. At the end of the year, they will claim €450 from Revenue. So your donation of €1,000 is worth €1,450 to the...
www.askaboutmoney.com
 
If you are in your late 40's you have time to hopefully find a loving partner. If you having difficulty locating a loving partner you could spend some of your money on dating agencies.

I note from a previous posting of yours that you are considering setting up a holistic therapy centre. If you proceeded with that venture you are likely to come across genuine people that need a financial leg up to assist them.
 
CuriousCork said:
I note from a previous posting of yours that you are considering setting up a holistic therapy centre. If you proceeded with that venture you are likely to come across genuine people that need a financial leg up to assist them.
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Nobody in their late 40s should be giving away whatever money they have accumulated, unless perhaps they have won the Euromillions or something of that order. Life comes at you fast and with no close family supports, an unanticipated misfortune at any stage in the future could have devastating financial consequences.
 
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Thank you for all your replies . I`m not looking to dispose of everything straight away ! :). Updating my will something I`ve been thinking about in the past few months . Charities that are important to me is a consideration and yes , I will work in the holistic therapy area in the next few months so I will happily invest some of my money in setting that up . Ideally, after my passing I would like my house to go to a family and have it full of life . I have read that such can be left in trust, of course that would require administrators etc . I`ve a lot of questions for my solicitor and thank you for your replies .
 
creditworthy said:
I have read that such can be left in trust, of course that would require administrators etc .
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Don't make your will or your life complicated.

If you die tomorrow and there is a family whom you think needs your house then leave it to them without any limitations.

And if their needs change, then change your will to leave it someone else.

But it might be better to have the house sold and leave money to families who need it.

Brendan
 
If you die intestate your estate will be distributed in accordance with Part VI of the Succession Act 1965.
Link https://www.irishstatutebook.ie/eli/1965/act/27/enacted/en/html

If you are not keen on certain people inheriting at all or inheriting a certain amount according to Part VI, you can negative that by making a will.

Wills should also be updated periodically, especially whenever you and some potential successors are nearer to the finishing line of life.
Put another way, wills should reflect changing circumstances.
 
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I agree, make a will now leaving your money to who ever you consider you want to leave it to NOW. Then in a few years if circumstances change or you change your mind, make a new will. Every few years you can reassess if your will suits you at that stage of your life. Trying to make a will that predicts what may or may not happen in the future and trying to build conditions into the will can just end up in a twisted mess that might have unintended consequences.
 
creditworthy said:
Thank you for all your replies . I`m not looking to dispose of everything straight away ! :). Updating my will something I`ve been thinking about in the past few months . Charities that are important to me is a consideration and yes , I will work in the holistic therapy area in the next few months so I will happily invest some of my money in setting that up . Ideally, after my passing I would like my house to go to a family and have it full of life . I have read that such can be left in trust, of course that would require administrators etc . I`ve a lot of questions for my solicitor and thank you for your replies .
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You want to pick a random family, and give them your house, when you die, so that it is a family home again. Is this an aspiration to your prior family life with your parents/siblings?

Why does it need a trust?

(Am I allowed comment on 'holistic therapy area' ?
 
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