by Blubell72 on Tue Feb 08, 2011 7:20 pm
Hello!
My Aunt died intestate in 2007 unmarried and no children. Lo these many years the lawyers are now in a position to determine from the rest of the family what should happen with the Property. If the property is kept the lawyers say we would be Tenants in Common with Unequal shares. The beneficiaries consist of my Aunt's 2 living sisters and the 7 children of his 3 deceased siblings. 9 parties in total.
My question, for the property, which is in Ireland, some of the beneficiaries are in England, some Ireland, and some the US - what would the tax ramifications be if the house is not lived in year round? If it is rented out?
Would you recommend creating a trust for the property? Many thanks, I realize I am asking a question about Irish property on a UK site - I am trying to get up to speed coming from NO knowledge, any assistance is appreciated!