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Ask Buachaill Your Own Question
Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10530
Experience:  Barrister 17 years experience
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Just curious...is there a time limit before which an sole

Customer Question

Hi Pearl, just curious...is there a time limit before which an sole heir and executor
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: ...must take an inheritance All things being equal!!! Ireland thanks
JA: Has anything been filed or reported?
Customer: No.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Is this FOC or?
Submitted: 6 months ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 6 months ago.

1. Can you tell me what you intend to do? Are you the sole heir and executor? How long do you want to postpone taking an inheritance? What comprises the estate of the deceased in the way of property, money, shares, debts and so forth? Who is the residuary legatee?

Customer: replied 6 months ago.
Thankfully this is hypothetical atm. Residuary legatee will also be the likely executor.
The estate will be a property €k85.??
plus (or minus) debt.So.
to clarify, for how long could,hypothetically, the legatee administer the estate,renting the prop to discharge the debt, before accepting the inheritance.Thank you for your kind attention.
Expert:  Buachaill replied 6 months ago.

2. The absolute longest time period you can leave an estate unadministered is 12 years. At this point, the estate becomes State property in Ireland. So, at this juncture, any real property would revert to the Irish state. However, be aware that if Capital Acquisitions Tax was not paid by an estate within four years of probate being taken out, a charge would then be levied. So, whilst you can wait from an ownership point of view, the Irish state will want Inheritance taxes paid before then.

Expert:  Buachaill replied 6 months ago.

3. Please Accept or Rate the answer as unless you do so your Expert will not receive payment from the website for answering your question.

Customer: replied 6 months ago.
Fair play.that's the answer. I must now find out why my fiver didn't clear.
Did i miss a guinea option?
Nite.
Expert:  Buachaill replied 6 months ago.

4. Payment in guineas gratefully accepted!!