WillsIt is critical that everybody with a property or children makes a Will. Some people think that a Will is a very complicated and expensive process but this is not the case for the vast majority of people.
- A Will can be a very simple document setting out your instructions on how your assets should be distributed when you die.
- It is important that every person makes a Will as it allows you to provide for the distribution of your property on death. Should you die without having made a Will, then it is the law which decides who your property will pass to and not you.
- Here at O'Mahonys Solicitors we offer advise on all aspects of drafting your Will and planning your estate, including the setting up of Trusts. We act in a sensitive and prompt manner and appreciate the concerns of our clients.
ProbateProbate is the process of proving the will if the deceased person has made a will. If there is no will the process is called Administration.
Terms to be familiar with
The person who applies for and executes the Will on behalf of the beneficiaries
The people who are named in the Will to inherit some or all of the estate.
- The Estate
This includes all of the assets - property, money, shares etc.
This includes all pre death debts together with funeral expenses.
- Inheritance Tax
Every beneficiary has a tax exemption which depends on their relationship with the deceased. Any benefit over this exemption is subject to inheritance tax, which is currently taxed at 33%. You can find further information about inheritance tax on Revenue.ie here.
General Steps of Administration
- Examine the Will.
- Meet with the beneficiaries.
- Identify and value the assets and liabilities of the deceased.
- Protect the assets of the Estate through the course of administration.
- Prepare Inland Revenue Affidavit and submit to Revenue Commissioners and lodge papers for Grant of Probate.
- Grant issues.
- Collect assets.
- Discharge liabilities.
- Identify and discharge tax liabilities
- Distribute assets.
- Discharge administration costs
- Prepare accounts.
Our charges are available on application together with a listing of all necessary outlays.