In this week's podcast:

Guest: Elaine Byrne, specialist wills and trusts solicitor based in Navan, Co. Meath, and a regular contributor to RTÉ on legal matters.

In this episode, I sit down with solicitor Elaine Byrne for a practical conversation about trusts — what they are, when they matter, and why more Irish families should be thinking about them, particularly those with a vulnerable or additional needs family member.

Elaine breaks down the key types of trusts — fixed, discretionary, and will trusts — explaining when each is most useful and what the tax implications are. The conversation gets particularly important when Elaine shares a real-world cautionary tale: a family with no will in place whose vulnerable daughter unexpectedly inherited close to €1 million — triggering the loss of her disability allowance, medical card, and financial protections overnight. A discretionary trust, Elaine explains, would have prevented this entirely, keeping the assets outside of means-tested assessments while still providing for her needs.

Key talking points include:

• The difference between fixed and discretionary trusts, and which is most commonly used
• How a discretionary trust sits within your will — not as a separate legal entity
• Discretionary Trust Tax: the 6% initial charge and 1% annual levy — and exemptions available for beneficiaries with additional needs
• Why choosing the right trustees is one of the most important decisions you'll make
• How to update an existing will to include a trust — and whether you need to stay with your original solicitor
• The cost of getting it done (as of March 2026, Elaine's firm charges €550 + VAT for a couple's wills)
• What actually happens when the trust is activated after death — from probate through to investment setup

Whether you have a family member with additional needs, young children, or simply want to ensure your estate is handled exactly as you intend, this episode is essential listening.

Webiste: Elaine Byrne Solicitors

Book: Shoe Dog: A Memoir by the Creator of NIKE