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.
Many people fail to make a Will at all, thinking that they do not need one. However, every adult over the age of 16 should make a Will and update it as their circumstances change throughout their lives. In this article, we look at why everyone needs a Will, capacity and Power of Attorney, and life events that may require you to update your Will.
A liferent trust is used where the person who owns an asset wishes to allow someone else to have the benefit of it whilst passing on ultimate ownership to someone else. Whilst a liferent trust can be created during the owner’s lifetime, it can also come into force when the owner of the asset dies.
When someone dies, there can be an expectation amongst family members that they will automatically receive a share in the estate. Regrettably, that is not always the case. Misunderstandings often lead to arguments and disputes in the family, which is the last thing the family of the deceased need at a time of great sadness. That is why it is sensible to try to reduce family conflict with a Will.
Value-added tax (VAT) is an unavoidable but complex consideration when it comes to commercial property. If not understood correctly it can prove to be troublesome – particularly at the later stages of transactions. VAT can impact the final value of a transaction and affect both the seller and purchaser – the seller must ensure they are charging VAT when required and the purchaser must ensure that the VAT they are paying is correct.
If you are concerned about how your assets may be distributed after you pass away, you may wish to consider preparing a Letter of Wishes. A Letter of Wishes plays a valuable role when you have left assets in trust for your loved ones and can help trustees to understand how you would like the trust to be managed. While trust deeds and Wills tend to be formal in nature, a Letter of Wishes is an opportunity to express more personal feelings and preferences. In this article, we look at what a Letter of Wishes is, when you may wish to use one, and what you may like to include.
