Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Sometimes people are appointed executors and quickly find themselves overwhelmed by the responsibilities. Whilst being an executor is a privilege – someone trusts you to look after their affairs after they have died – it also comes with onerous obligations. This is why you might wish to remove yourself as an executor. Before looking at the mechanisms to remove yourself as an executor, it is important to consider the duties the role of executor entails.
When dealing with estate planning, the focus tends to be on Inheritance Tax (IHT) mitigation and savings. However, for those with assets acquired over the course of their life, there is also a need to consider the impact Capital Gains Tax (CGT) has on an estate.
Recent analysis has disclosed that one in twenty-five of us will pay Inheritance Tax (IHT) on our estate. In the last year, HM Revenue and Customs has collected nearly £1bn more in IHT receipts than in the previous year. This signifies an increase in the value of estates falling into Inheritance Tax. This is partly driven by recent record increases in residential property values and partly by IHT thresholds that have remained static for several years.
When you draw up your Will, it is important to ensure you have catered for the distribution of all your assets. Some of those assets may be abroad. If they are, you need to consider whether they should be dealt with in a single Will or whether a second one is required to deal specifically with your assets in different countries.
What you need to do after someone dies in Scotland depends on a wide range of circumstances.
When a family member or close friend dies, there is always emotional trauma, whether the death was expected or not. However, when the person’s demise occurs, practical steps need to be taken. The extent of these steps will largely depend on the way in which the individual has passed away.
