Estate planning generally focuses on passing wealth onto the next generation effectively. In the past, ‘estate planning’ was something believed to be only for choice members in our society: however, this is no longer the case. Without a plan in place, settling the affairs of an estate can have a long and costly impact on those who are left behind, no matter what walk of life they arise from. 

Estate planning allows you to decide exactly how your assets will be distributed in the future. If no plan is put in place, the courts will have to decide, which can take years and extreme legal fees and often unfortunately give rise to emotional damage where there was no clear plan or structure put in place. 

With the huge impact of the coronavirus outbreak, it is more important than ever to protect estate values. Moore can help by ensuring that the real value of assets is not reduced by inheritance tax, whether they be a house, savings or any other assets. By putting a proper estate plan in place, you can mitigate a substantial amount of the tax liability for your beneficiaries. 

Estate planning can have many numerous benefits, including: 

  • Ensuring that, in the event of death, homes will be transferred to the designated beneficiaries. 
  • Avoiding probate
  • Keeping a family business within the family over many generations. 
The law society of Ireland stated in 2019 
  • Only 27% of Irish adults have made a will compared to 39% in the UK
  • Just 6% of adults have put in place an Enduring Power of Attorney 
  • Irish residents are urged to plan for their estate in 2020, especially due to recent unexpected changes in the economic environment of Ireland 
We, at Moore, firmly value the opportunities available with “the earlier the better” approach when it comes to tax planning. We encourage you to open discussions with us now so that planning opportunities can be explored until the most suitable options are found to best suit your individual needs.