BUSINESS owners who die without making a will miss out on major tax reliefs, says the country's biggest accountancy firm.
PwC says one-quarter of Irish people die without making a will. This is a serious mistake for business owners, since 70pc of Irish businesses are passed on to the next generation. Leaving a will means families can avoid inheritance tax on assets.
"Entrepreneurs often have complex business affairs and they can help protect their assets with a properly structured will," said tax partner Tim O'Rahilly (pictured). "Rather than simply leaving their estate to their spouse, it may be wiser to set up certain trusts."