How will your family manage this liability after your death ?
Have you made provision for Inheritance Tax ?
Inheritance Tax Planning identifies and manages any tax liability in advance and will deliver peace of mind for both you and your family. You can set up a life insurance policy equal to the estimated value of your Inheritance Tax liability and policy proceeds are designed & agreed with Revenue so that they can be used to repay any Inheritance Tax liability due. This ensures that the full estate is passed on to recipients without any additional taxes due by them.
Making a Will
WHAT HAPPEN IF I DIE WITHOUT MAKING A WILL?
If you die without making a will, the law provides that your spouse or civil partner is entitled to you entire estate if there are no children.
If you leave a spouse or civil partner and children your spouse or civil partner gets two-thirds and one–third goes to your children.
If you do not have a spouse or civil partner, your entire estate goes to your children. In either event, if there are children under the age of 18 years, trustees must be appointed.
If a child of yours dies before you leaving children, those children take their parent’s share.
If you do not have a spouse, civil partner or children, your parents are entitled to you estate.
If both parents are deceased, then your estate is divided between your brothers and sisters (if any brother or sister dies before you and leaves children, then those children (your nieces and nephews) take their parents share).