Financial Planning for your Future

Inheriting assets, whether it be money, property, or investments, can provide financial security, but it also brings with it the responsibility of managing those assets wisely. Here are some considerations while navigating the steps of financial planning after receiving an inheritance in Ireland. We recommend using a financial advisor to guide you through this.

Managing Inherited Investments

If you've inherited stocks, bonds, or other investments, you'll need to decide whether to keep or sell them. Here's how to approach this:

• Evaluate the Investments: Assess the performance and potential of the inherited stocks or bonds. Consider the company's outlook, the market environment, and your personal risk tolerance.

• Selling Investments: If you choose to sell inherited stocks, you can do so through Irish stockbrokers. They offer services for selling and managing investments, providing expert advice on the best course of action based on your financial goals.

• Reinvesting Proceeds: If you sell the stocks, you may want to reinvest the proceeds in other financial products that align better with your risk profile and long-term objectives.

Selling Inherited Property

If you've inherited a property and decide not to keep it, selling it can provide significant funds. The process involves:

• Choosing a Real Estate Agent: In Ireland, real estate agencies offer comprehensive services for selling residential and commercial properties. They can handle everything from marketing the property to negotiating the sale, ensuring a smooth process.

• Tax Implications: Be mindful of the potential Capital Gains Tax (CGT) on the sale of the property, which may be applicable depending on the value increase since the original purchase. Consulting with a tax advisor can help you navigate these complexities.

Consulting Financial and Wealth Management Services

If you've inherited a substantial amount of money or assets, seeking professional financial advice is crucial. Wealth management services can help you with:

• Investment Strategy: Creating a diversified portfolio that aligns with your financial goals.

• Tax Planning: Minimising your tax liability on the inherited assets through strategic planning.

• Retirement Planning: Ensuring that your inheritance supports your long-term financial security.

Consider Estate Planning

Once you've managed your inheritance, it's wise to consider your own estate planning.

• Create a Will: To ensure that your assets are distributed according to your wishes. It is best to use a solicitor for this but there are various online options for creating wills.

Tax Considerations

In Ireland, inheritance is subject to Capital Acquisitions Tax (CAT). The amount you pay depends on your relationship to the deceased and the value of the inheritance. Consulting with a tax advisor or financial planner can help you understand your liabilities and how to manage them.