Information on tax after a bereavement

What is an estate?

An estate consists of assets held in a deceased person’s sole name at their date of death. Assets can include:

• cash
• bank accounts
• house or lands
• livestock
• household contents
• paintings
• jewellery
• cars
• stocks and shares.

How can an estate be distributed to the beneficiaries?

An estate can be distributed to the beneficiaries in several ways.

If there is a will, assets will be distributed to the beneficiaries as directed by the deceased person. If there is no will it is known as ‘intestacy’ and the assets will be distributed under special rules laid down by law.

Examples of assets that are distributed under a will or intestacy include:

• assets owned in the deceased person’s name
• assets owned by the deceased person, but placed in another person’s name for convenience
• assets that the deceased person put in the joint names of the deceased person and another person where it was intended not to give any benefit to the other person.

Examples of assets that are distributed outside of the will or intestacy include:

• assets that will be distributed by nomination, such as where the deceased person has instructed An Post to pay saving certificates to a nominated person after they died
• death benefits which will be distributed to beneficiaries who are certain family members named on a life insurance policy or pension scheme
• assets that the deceased person put in the joint names of the deceased person and another person where it is intended to give a benefit to the other person.

Next: What is a beneficiary?