Finance and Tax Matters

Accessing Money and Assets

When someone dies, their estate (money, property, possessions) passes to a personal representative either named in the will or appointed by law.

  Access to Bank Accounts

• Sole account: Usually frozen until probate is granted.
• Joint account with spouse/civil partner: Funds typically transfer to the survivor; a death certificate is required.
• Joint account with others: If instructions were given at account opening, funds may pass to the other account holder.
• If over €50,000, a Revenue clearance letter may be required to assess Capital Acquisitions Tax (CAT) liability.

  Credit Union Accounts

• If a Nomination Form was completed, up to €23,000 goes to the nominee.
• Any balance above that becomes part of the estate.

Contact: Irish League of Credit Unions – 01 614 6700 (Mon–Fri, 9am–4:45pm)

  An Post Money Accounts

• Complete a Notification of Death form and include a death certificate.

Contact: An Post Money – 01 705 8000 (Mon–Fri, 9am–6pm)

  Ireland State Savings

• If over €25,000, a Grant of Probate or Letter of Administration is required.

Contact: 01 705 7200 (Mon–Fri, 8am–8pm)

  Pensions

• Occupational pensions: Check with the scheme provider. Survivors may be entitled to a spouse/partner/children’s pension.
• Personal pensions: May form part of the estate.
• Divorce or dissolution: Pension benefits may be affected by a Pension Adjustment Order.

  Loans and Debts

  What You’re Responsible For

• You are only liable for debts you signed for.
• Debts in the deceased person’s sole name are repaid from the estate.
• If there’s not enough in the estate, remaining unsecured debts (like credit cards, loans) may go unpaid.

  Mortgage

• Check if the mortgage had mortgage protection insurance.
• If not, the surviving borrower must continue repayments. Speak to your provider or MABS if needed.

MABS (Money Advice and Budgeting Service):
 Phone  0818 07 2000 (Mon–Fri, 9am–8pm)
www.mabs.ie

  Social Welfare and Income Supports

Spouses, Civil Partners, or Parents

• Widow’s/Widower’s or Surviving Civil Partner’s Pension
  • Contributory: Based on PRSI contributions. Converts to State Pension at 66.
  • Non-Contributory: Means-tested for those under 66 without dependent children.
• One-Parent Family Payment
  • For parents of children under 7 (or up to 16 if receiving Domiciliary CareAllowance).
  • After a partner dies, an exception may allow payment for up to 2 years (until youngest child turns 18).
• Widowed or Surviving Civil Partner Grant
  • Once-off payment for surviving partners with dependent children.
• Guardian’s Payment
  • For those caring for a child who lost one or both parents.
  • Contributory (based on PRSI) or Non-Contributory (means-tested).

  Occupational Injuries Benefit Scheme

May apply if the death resulted from:

• A work accident
• Occupational disease
• Work-related disability

  Other Financial Supports

• Supplementary Welfare Allowance: Weekly payments for those with little or no income.
• Additional Needs Payment: Covers once-off essential costs (e.g., funeral).
• Living Alone Increase: For social welfare recipients who live alone.
• Household Benefits Package: Helps with gas/electricity bills and TV licence.
• Fuel Allowance: For heating costs during winter.
• Telephone Support Allowance: For those getting Living Alone + Fuel Allowance.
• Free Travel Scheme: Free travel on public transport for eligible individuals.

  Tax Matters After Death

Income Tax

• Single/Widowed person: Normal tax credits apply; any refund goes to the estate.
• Spouse or Civil Partner:
  • If jointly assessed, the assessable person pays tax on:
    • Their full income for the year
    • Deceased partner’s income up to the date of death
  • If separately assessed, the survivor receives the Widowed Person/Civil Partner Tax Credit.

In Following Years (with children):

• Widowed Parent Tax Credit: Available for up to 5 years
• Single Person Child Carer Credit
• Widowed Person/Civil Partner with dependent children credit

Visit: citizensinformation.ie for the latest tax credit rates.

  Capital Acquisitions Tax (CAT)

Inheritance may be subject to CAT depending on:

• Value of inheritance
• Relationship to the deceased

Exemptions

• No CAT between spouses or civil partners
• Family home exemption may apply if:
  • It was your principal residence
  • You have no interest in another property

CAT Thresholds (as of April 2023):

• CAT is charged at 33% above these thresholds.
• Lifetime gifts from the deceased may count towards the threshold.