You are not obliged to accept a benefit under a will or on an intestacy.
You can refuse to accept the benefit and disclaim your entitlement.
What happens in Ireland if I disclain if there is a Will?
If you disclaim a benefit that you are entitled to receive under a will the benefit will generally fall into the residue, the catch all clause for all other property that is usually contained in a will. Who ever is to receive the residuary assets will obtain the benefit instead of you.
If the benefit you disclaim was to be shared as joint property the other named beneficiaries may obtain your share of the property.
What about an intestacy situation where there is no will or no residue?
If you disclaim all or part of the benefit that you are entitled to receive on intestacy (no will or difficulties with a will) in Ireland then the law determines who is to receive the benefit instead of you.
If you are not the spouse or direct lineal ancestor of the deceased person your children will not inherit if you disclaim your entitlement on intestacy. This is because when you disclaim you are deemed by the law to have predeceased the deceased person without having any children.
If you are the spouse or direct lineal ancestor of the deceased person then you are not deemed to have predeceased the person without children so your children are taken into consideration in applying the distribution rules on intestacy.
You should obtain legal advice before making any decision. to disclaim a benefit.
If you would like to learn more please contact Michelle
The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article