In drafting their wills many people are concerned about the payment of tax after they pass away. We agree with clients in that endeavour in that one can put in place some tactics or structures which avoid unnecessarily paying inheritance tax or using the genuine reliefs that are available. However, avoiding tax should not be the number one criteria in making your will. The first issue in making a will is to ensure that you make the will that you want. That must be the first consideration. So in formulating your will, think about who you want to benefit and why. We at Kerrywills.ie can advise you on the tax consequences of your decisions. Once you know the tax consequences you can then begin to trade off between modifying your wishes and saving tax. However, you can only make that trade off and know how you feel about that until such a time as you understand exactly what you want to do with your assets and why.
Hope this helps and if you have any will drafting or tax queries please reach out to me Colm Kelly solicitor at info@kerrywills.ie