Its not a pleasant topic to consider but ensuring your inheritance is in order is one of the best financial decisions you can make.
One thing you should be aware when getting your affairs in order is Inheritance tax.
What is the Inheritance Tax threshold?
Inheritance Tax Groups
Children (including adopted Children or stepchildren)
Ireland’s inheritance tax 33% which is not an insubstantial amount. As a child in Ireland, you are entitled to inherit a certain amount tax free. The inheritance tax threshold is €310,000. So you can receive up to the value of €310,000 tax free.
Lets look at a quick example. If a parent leaves a property to a single child valued at €500,000, that child will be required to pay 33% tax on the difference between €310,000 and €500,000. So, in this case the child will have to pay 33% on €190,000 which is a whopping €62,700.
Aunt/Uncle, Sister/Brother, Niece/Nephew
The tax threshold for group B is much lower capped at just €32.500
Group C is for anyone else a person may wish to leave an inheritance too. The threshold for this group is just €16.260