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A reader's well-intended plan to secure accommodation for his unemployed brother in the family home after their parents' passing raises important legal and financial considerations, including wills, inheritance, tax planning, and alternative arrangements for vulnerable adults.
A reader's concern for his brother's future housing situation has raised important considerations regarding inheritance, wills, and tax planning. The reader's parents, both in their 60s and mortgage-free, have a son in his 30s living with them who is currently unemployed and without savings.
The reader worries about his brother's potential homelessness after their parents' passing and hopes for him to reside in the family home valued at €475,000. However, solicitor Niamh Moran of Carmody Moran Solicitors warns that such arrangements come with risks and complexities. If the parents die without a will, the brothers would inherit the house equally.
Moran suggests that the brother could sell the house and find alternative accommodation or the brothers could arrange a leaseholder or caretaker agreement, but tax planning would be necessary. Moran emphasizes the importance of having a legal arrangement to prevent disputes. She advises the parents to write a will, empowering the executor to manage the inheritance process.
Moran also discusses the implications of a right of residence in the will, including potential issues with selling the house, insurance, repairs, and cohabitation. She suggests a discretionary trust as a more flexible and beneficial option for a vulnerable adult. Moran stresses the need for tax advice and estate planning, and the reader's brother may need to take out a mortgage to pay any inheritance tax bill
Inheritance Wills Tax Planning Right Of Residence Discretionary Trust Vulnerable Adults Estate Planning
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