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Question about savings and inheritance

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  • 31-03-2014 8:31pm
    #1
    billyhead
    Registered Users Posts: 9,849 ✭✭✭


    Folks,

    Not sure if this query is in the correct forum so apologies for this but if you are single (have no will made) and have a significant number of National Solidarity bond or saving accounts with An Post and god forbid pass away do An post inform your next of kin about these savings so they are payed out to them. Would anyone know what the normal procedure is? Obviously the payments (direct debits) into these accounts would stop but what happens if none of your relatives knew you had these savings accounts set up?


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    #2
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    How would An Post know who to contact?

    The next of kin (or one of them, with the agreement of the others) will have to apply to the Probate Office for "Letters of Administration" which gives that person the right to sort out the deceased's estate - pay funeral expenses, debts, and then share out anything remaining in accordance with rules set out in the Succession Act.


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    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    billyhead wrote: »
    what happens if none of your relatives knew you had these savings accounts set up?

    Probably the same as would happen an insurance policy or savings account, it would end up treated under the dormant accounts scheme.

    What you need to do is to find some way of letting your family know what your assets are. If you don't want them to have his information while you're alive, you could go to a solicitor and make a will, tell the solicitor that you want to supply a list of your savings accounts and other assets to be revealed to the executor of your estate - usually a trusted friend or member of your family whom agrees to be nominated and will carry out your instructions. You then let your family know that you have made a will and the name of the solicitor who is holding it.


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    #4
    billyhead
    Registered Users Posts: 9,849 ✭✭✭billyhead


    coylemj wrote: »
    Probably the same as would happen an insurance policy or savings account, it would end up treated under the dormant accounts scheme.

    What you need to do is to find some way of letting your family know what your assets are. If you don't want them to have his information while you're alive, you could go to a solicitor and make a will, tell the solicitor that you want to supply a list of your savings accounts and other assets to be revealed to the executor of your estate - usually a trusted friend or member of your family whom agrees to be nominated and will carry out your instructions. You then let your family know that you have made a will and the name of the solicitor who is holding it.

    Thanks folks for the informative answers. I must make a will.


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