Thanks to the hundreds of respondents who took the time to complete our inheritance survey – we appreciate your input on this very important topic. Goodbody’s Head of Tax Catriona Coady provides insights into the results.
Q1. Have you talked to your family about your inheritance plans?
Yes: 59%
No: 41%
It’s great to see a number over 50% here, but I’d love to see it higher! Communication is so important when it comes to inheritance. I know people often find these conversations difficult to broach, but I’ve seen it many times that speculation can lead to disputes around inheritance. There can also be a concern around informing young adult children about future plans or amounts, but a good way to do this could be to talk in percentage terms. A plan for what will ultimately happen is very valuable for families in the long-term.
Q2. Do your children know what they will inherit?
Yes: 42%
No: 58%
I’m not surprised at this number. I often work with clients who haven’t discussed inheritance or wealth with their children. It’s important to start your child’s financial education as soon as you think appropriate, and to put safeguards in place – for example, trusts or a family partnership, especially if they will be coming into wealth.
Q3. Have you written a will or estate plan?
Yes: 53%
No: 47%
The main reason to make a will or estate plan is that it provides a set of instructions for the transfer of property by means of a clear legal document. If this is not done, the rules of intestacy will apply to divide the assets of the deceased. You may think that if don’t have significant wealth a will is unnecessary, but a will is relevant to every person with personal and financial responsibilities. If you die without making a will, you have no control over the distribution of your assets upon death, making it impossible to provide, for example, additional care for any of your beneficiaries with special needs. It’s worth drawing up a will as soon as you can and review it every three to five years or as your circumstances change.
Q4. Do you worry about family conflict over inheritance?
Yes: 51%
No: 49%
While the result is almost even, I’m sure the 51 per cent of people polled would like to be without any worry over conflict. Again, I would emphasise the importance of a plan. Once people know what to expect, there is less chance of conflict. Talk to a financial advisor, write a will and be open about your intentions. You will find that a lot of stress around inheritance is avoidable.
Q5. Have you considered inheritance tax?
Yes: 58%
No: 42%
It’s great to see that 58 per cent have considered it, but it’s likely to affect the majority of people! Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances in Ireland, payable by the recipient when the amount exceeds certain thresholds. The current rate is 33 per cent on anything above the group tax-free threshold. The threshold depends on your relationship to the giver and the group into which they fall: Group A are children, and they can currently receive up to €400,000 tax-free. Group B includes siblings or grandchildren who are entitled to €40,000 tax-free, and Group C are distant relatives and non-relatives. They can be gifted up to €20,000 tax-free. Keep in mind, couples who are co-habiting are only entitled to the €20,000 threshold. There are several ways to gift or inherit in a tax efficient manner, read the Guide To Inheritance Tax And Planning For The Future and download the Goodbody Inheritance Guide 2025 to find out what could work for you.
SEE MORE: Women And Inheritance – Head Of Goodbody Private Órla Tobin With Head Of Tax Catriona Coady