Simple steps to estate planning: Why there’s no time like the present

The ideal time to consider writing a Will is when the prospect of your own death, although ultimately inevitable, seems a distant possibility – which may mean you’re not giving it much thought at all. For most people, serious financial planning begins when they start a family – suddenly there is someone else to think (worry) about. Putting a Will in place is an important first step.

What happens if you die without a Will?

If you don't make any arrangements and die without leaving a Will (dying intestate), your estate will be distributed in accordance with the Succession Act. The order in which your estate is distributed in these cases is set out in the Succession Act 1965.

If you have a spouse or civil partner but no children (or grandchildren): Your spouse or civil partner inherits the entire estate.

• If you have a spouse or civil partner and children:
  • Your spouse or civil partner receives two-thirds of your estate.
  • The remaining one-third is divided equally among your children. If one of your children has predeceased you, their share goes to their children.

• If you have children, but no spouse or civil partner:
  • Your estate is divided equally among your children (or their children if a child has predeceased you).
• If you don’t have a spouse or civil partner, nor any (grand)children:
  • If you have parents: your estate is divided equally between your parents or given entirely to the surviving parent if only one is living.
  • If you have siblings only: your estate is shared equally among your siblings, with the children of a deceased sibling receiving their parent's share.
  • If you have nieces and nephews only: your estate is divided equally among the surviving nieces and nephews.
  • If you have other relatives only: your estate is divided equally among the nearest relatives of equal standing.
• If you have no relatives: your estate goes to the State.

You can learn more about what happens to a deceased person's estate on Citizens Information.

Ensuring your wishes are honoured by writing a Will

A Will allows you to determine how your estate will be distributed; this means you can favour someone outside the legal heirs or provide a legal heir with more than their reserved share. However, it is important to note that a Will cannot allocate everything to just anyone; the rights of the reserved heirs take priority.

For many parents with minor children a key consideration is who will look after them if the worst happens. In your Will you can set out your wishes in writing regarding their future care and guardianship. This can help to prevent disputes among family members.

Since a Will can be made at any time, it is technically possible to draw one up if you are already terminally ill, provided you are of sound mind and have the mental capacity to do so. However, it would be advisable not to wait until you find yourself in that situation.

You can prepare a Will yourself or with the assistance of a solicitor or notary. Learn more about writing a Will on Citizens Information or read are blog article on protection for your family. 

Protect your estate from Inheritance Tax

Worried about potential inheritance tax liabilities for your loved ones? You can safeguard your estate by setting up a Whole of Life insurance policy designed to cover these costs. Under Section 72 of the CAT Consolidation Act 2003, this type of policy can be arranged through your Will, where your solicitor can guide you through the process.

Alternatively, the policy can be set up under Section 72 Trust which will mean the policy proceeds is payable directly to the beneficiaries who have the inheritance tax liability. Under the legislation, the proceeds of a Section 72 policy are exempt from inheritance tax insofar as the proceeds are used to pay off the inheritance tax liability.

Learn more about Inheritance tax liabilities, Zurich’s Whole of life Insurance, and simulate your inheritance tax liability in our Inheritance Tax Liability Calculator. 

Your options for gifting: Family, friends and charities

You can choose to gift part or all of your belongings during your lifetime. Technically, you are free to give away all your possessions. This can be done throughout your life, as you get older, and even after you have been diagnosed with a terminal illness.

Gifting your belongings to family and friends

The process of gifting money is relatively easy, but be aware that if you give a gift to someone, they may have to pay Gift Tax on it. The amount of taxes due depends on your relationship to them but can also be affected by previous gifts received from other benefactors.

Every Irish citizen is entitled to an annual gift allowance of up to €3,000 per disponer per calendar year. This is called the Small Gift Exemption. This small gift exemption applies only to gifts and not to inheritances, so by gifting this amount to your loved ones, you can avoid the taxes that would be due if they only receive this amount after your death.

If you wish to pass on non-monetary assets within your lifetime, you must consider that a Capital Gains Tax (CGT) of 33%, as well as Stamp Duties, can become applicable. For example, gifting a house will give rise to stamp duty at 1% up to a value of €1 million, and 2% on the excess. This may mean that there are more taxes to be paid than if these assets were to change hands following the event of a death.

Giving to charities and good causes

Charitable donations and gifts to institutions like museums and heritage funds are exempt from gift tax. And when you make a charitable donation of €250-€1 million, the charity is additionally entitled to tax relief of up to 31%, on this donation. This can significantly benefit the charity, allowing them to maximise the impact of your contribution. Furthermore, donating to charity can be a meaningful way to leave a lasting legacy and support causes that are important to you.

Making provisions for your funeral

Funerals can be costly and may place a financial burden on loved ones during an already difficult time. You can help ease this burden by making provisions, such as taking out life insurance. If you are between 45 and 74 years of age you could opt for a Whole-of-Life policy. This policy pays a lump sum upon your death, which can be used to cover funeral arrangements, memorial services, or any outstanding expenses.

If you are terminally ill or have reached a more advanced age, you may have the option to prepay your funeral. Some funeral homes offer prepaid funeral plans, which allow you to pay in advance for your funeral services. By choosing this option, you have the opportunity to plan your funeral according to your wishes and protect your loved ones from financial stress.

Whichever option you choose, make sure your loved ones are aware of any arrangements and provisions you have made for your final farewell.

Given the complexity and emotional nature of estate planning, it’s worthwhile to seek advice from a solicitor or notary about your options and any limitations. If possible, it’s best to make a financial plan early and consider your estate. By doing so, you can ensure that provisions are in place for your loved ones should you no longer be there to support them. You can also adjust your estate plan as your personal circumstances change.

Schedule an appointment with one of our financial advisors and set up a financial plan.

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The information contained herein is based on Zurich Life’s understanding of current Revenue practice as at July 2025 and may change in the future.