Estate and Succession Planning
Estate and succession planning helps you determine the best way to transfer your wealth on to future generations. It involves deciding who should benefit from your estate, at what time, and how your wishes should be carried out. It usually involves making a will to set out who should inherit your estate. If you have a complex family or wealth structure, it may involve other steps such as creating trusts or family investment companies. You may also need to appoint professionals to oversee our estate and succession planning. Succession planning can help you:
- Give your family realistic expectations of their inheritance
- Inform the next generation of their responsibilities
- Minimise inheritance tax
- Manage assets in different countries
- Decide how to transfer control of your business and its assets
- Consider how to make provisions for charity
- Plan for the possibility that you may lose your mental capacity to manage your own affairs.
- Appointing professionals to manage your estate.
Wills
A will is a written document in which you set out how you want your assets to be distributed when you die. It only takes effect when you die, so you can do what you like with your property while you are alive. You can revoke your will or change it at any time up to your death.
As well as taking care of your assets, your will can also set out who will look after young children in the event both parents die. Your solicitor will help you to make a will that suits your individual circumstances. They will advise you on creating a will that:
- Takes care of your dependents
- Complies with current tax legislation
"Living Wills"
An enduring power of attorney or "living will" is a written legal document that allows a person (the donor) to choose someone to act on their behalf in the future in the event that they become mentally incapacitated. An enduring power of attorney only operates when the person is incapable of making their own decisions and has been registered. The document will lie dormant until that point in the future. Up until then they are free to make all their own decisions.
Trusts
Trusts are sometimes used to reduce the tax burden on beneficiaries. Subject to specific family law provisions, assets placed in trust do not legally form part of the estate on death because they were legally placed in the beneficiary’s ownership on the establishment of the trust.
International estate planning
International estate planning enables you and your family to get the most out of your assets whether you are based in Ireland and own assets overseas or you’re based overseas and own international assets. Effective international estate planning includes:
- Reducing tax liabilities
- Transferring wealth between countries
- Moving to a new country
- Changing your tax domicile (your permanent residence for tax purposes)
- Maintaining family control of assets
- Gifting capital and capital assets
- Creating income for family members based internationally
- Protecting assets for the future
- Succession planning
- Transferring wealth to family members pre- and post-death.
Probate
Probate is a complex legal process that relates to matters associated with a deceased person’s assets. If you are the executor or beneficiary of a will you will have to deal with probate. You are advised to consult a solicitor to guide you through the process.
Will, Trust & Estate Disputes
It is hard enough to lose a loved one, but if there is conflict over their estate or will, the suffering intensifies. Consulting an experienced solicitor to help you with a will, trust & estate dispute can make the process less painful. Here are some of the situations you may need legal guidance with:
- Contesting a Will
- Contentious probate
- Inheritance Act claims
- Trust disputes
- Professional negligence
- Concerns over the deceased’s mental capacity to make a will