Transferring an inheritance

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exasperated

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Hi just wondering can you transfer a share in an inheritance to a sibling without having to use a solicitor? the share is worth around €20,000.

If you can is it very complicated
 
You can not transfer an inheritance - you can refuse it, but it then goes back into the estate of the dead person and is disposed of according to the remainder clause in the will.

You can accept the inheritance and then gift it to a sibling. The gift may or not be taxable depending on prior gifts received by your sibling.
 
Ok thanks didn't realise that.

If I want to gift it to a sibling how do I go about it and do I have to use a solicitor or can I do it myself?
 
No problem doing it yourself. Chances are that you will receive your inheritance as a cheque. You can either (a) lodge it to your bank account and transfer that amount to your sibling or (b) endorse the cheque and give it to your sibling.

A gift of about €20k between siblings is probably exempt from CAT. See http://www.revenue.ie/en/tax/cat/thresholds.html.
 
exasperated said:
Ok thanks didn't realise that.

If I want to gift it to a sibling how do I go about it and do I have to use a solicitor or can I do it myself?
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Depends what it is!

If it's money obviously not.

If it's property you'd be foolish not to use a solicitor, particularly if you're starting from a situation where you need to come on here to ask that question in the first place...
 
Its not money its a share in a site, whilst I have dealt with solicitors before I wasn't sure if you had to go through a solicitor to do this or if in fact you could complete the process yourself.

Would anyone be able to tell me how to do so without a solicitor?
 
exasperated said:
Its not money its a share in a site, whilst I have dealt with solicitors before I wasn't sure if you had to go through a solicitor to do this or if in fact you could complete the process yourself.

Would anyone be able to tell me how to do so without a solicitor?
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Seriously, you're going to take advice from random anonymous people on an online forum rather than employ a professional to make sure the thing is done correctly?!

While it is possible for me (an accountant) to build a house myself, I'll be much more likely to employ a blocklayer, a carpenter, a plumber, an electrician, a plasterer etc... to do it. And for good reason.

Transferring title in land is not the sort of thing to be halfassing around trying to DIY it.
 
mandelbrot said:
Transferring title in land is not the sort of thing to be halfassing around trying to DIY it.
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Read the OP's other posts - the objective is save the land from his intended bankruptcy, so the last thing the OP needs is legal advice :rolleyes:
 
Hi exasperated

Just in case you are confused by these comments, you absolutely do need proper legal advice on your bankruptcy and any action taken beforehand which might be interpeted as an attempt to defraud creditors.

Brendan
 
Well im glad someone elses misfortune is a source of merriment to others especially when you don't know the full story.

Im not of a legal profession and I am trying to find a way of rebuilding my life. I wanted to SELL the share in a site to my brother to first of all pay for the bankruptcy as its not free and secondly to have some form of payment for the debt that I owe plus I know my brother would not try to rip me off nor mess me about and it keeps the land in the family as if I had the choice I would never let it go. You may think im being overly emotional here but as I said you don't know the full story.

To those of you who gave advice thank you it is appreciated.
 
exasperated said:
Well im glad someone elses misfortune is a source of merriment to others especially when you don't know the full story.

Im not of a legal profession and I am trying to find a way of rebuilding my life. I wanted to SELL the share in a site to my brother to first of all pay for the bankruptcy as its not free and secondly to have some form of payment for the debt that I owe plus I know my brother would not try to rip me off nor mess me about and it keeps the land in the family as if I had the choice I would never let it go. You may think im being overly emotional here but as I said you don't know the full story.

To those of you who gave advice thank you it is appreciated.
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Well if you'd started off by saying all that instead of starting another thread about bankruptcy it wouldn't have looked as suss...

And you used the words transfer and gift in your first two posts, neither of which implied you (or your creditors) were going to get the value for the land.

Sorry if people on here appear unsympathetic, but the reality is that people who salt away assets before going bankrupt ultimately cost the rest of us money, as the shortfall has to be paid for from somewhere. On a personal level I feel for you, but that doesn't extend to endorsing any attempts to sidestep your obligations.
 
exasperated said:
I wanted to SELL the share in a site to my brother to first of all pay for the bankruptcy as its not free and secondly to have some form of payment for the debt that I owe plus I know my brother would not try to rip me off nor mess me about and it keeps the land in the family.
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The costs of the bankruptcy comes out of the assets in bankruptcy, so not your problem and your brother will have his chance to buy the land of the OA when the time comes. You should leave it at that and proceed to bankruptcy. To do otherwise could result in both of you being the subject of criminal proceedings for fraud, which is why you are being told to get proper legal advice.
 
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