Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Signing over the house now vs left in will.

Options
  • 19-01-2017 9:50am
    #1
    Tilikum
    Closed Accounts Posts: 994 ✭✭✭


    Hello,

    Could anyone answer this for me please.....

    My Dad made a will yrs ago with a different solicitor than he has nowadays. Recently he signed his house over to me and we paid to have it done. What actually happens now with the will? Theoretically speaking, what if he had left it to someone else in the will?

    My father has early stage dementia and he wanted to sign before it got too late.


Comments

  • Options
    #2
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    Tilikum wrote: »
    Hello,

    Could anyone answer this for me please.....

    My Dad made a will yrs ago with a different solicitor than he has nowadays. Recently he signed his house over to me and we paid to have it done. What actually happens now with the will? Theoretically speaking, what if he had left it to someone else in the will?

    My father has early stage dementia and he wanted to sign before it got too late.

    Nothing. If he's already signed it over to you, it wouldn't be his to will away anymore so that part of the will would be void.


  • Options
    #3
    amtc
    Registered Users Posts: 2,490 ✭✭✭amtc


    It's probably an idea to get an Enduring Power of Attorney as well


  • Options
    #4
    Tilikum
    Closed Accounts Posts: 994 ✭✭✭Tilikum


    Ok, thanks a lot.


  • Options
    #5
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    Now that it is in your name the property was essentially gifted to you by your father.

    Assuming that you have not received any inheritance/gifts from your father/mother prior to the home. If the property value upon the transfer exceeded €248,000 (80% of the category A threshold it needs to be reported to revenue). If it exceeds the current threshold of €310,000 there may be a tax liability. http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

    I would seek tax advice if the property value exceeds these amounts.


  • Options
    #6
    Tilikum
    Closed Accounts Posts: 994 ✭✭✭Tilikum


    averagejoe123 wrote: »
    Now that it is in your name the property was essentially gifted to you by your father.

    Assuming that you have not received any inheritance/gifts from your father/mother prior to the home. If the property value upon the transfer exceeded €248,000 (80% of the category A threshold it needs to be reported to revenue). If it exceeds the current threshold of €310,000 there may be a tax liability. http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

    I would seek tax advice if the property value exceeds these amounts.

    It's all been done a few months back. Thank you for the advice


  • Advertisement
Advertisement