An important part of estate planning is to consider and understand inheritance tax. In this article we look at why it is important to understand inheritance tax, as well as the rates, rules and potential exemptions.
A full repairing and insuring (FRI) lease is the most common form of commercial property lease in Scotland. Its main purpose is to transfer the Landlord’s common law responsibility of repairing, maintaining and insuring the property on to the tenant. This article will explain the function of an FRI lease and explore the ways in which an experienced legal representative can advise as to how to best protect a tenant’s and landlord’s best interests under an FRI lease.
If you have an art collection, you will no doubt be aware that it is a valuable asset. However, you may be unsure of the best way to leave this behind after you pass away. Collecting art is, for many people, a lifetime passion, and so it is important that it is left in the right hands. Unfortunately, many people fail to consider their art collection when making a Will, or are unaware that there are several ways to leave cultural assets behind. In this article, we look at leaving gifts of art in your Will, the Cultural Gifts Scheme, and how cultural assets might be valued after you pass away.
In order to bring a commercial property lease to an end, clear advance notice of a party’s intention to terminate the lease must be given by one party to the other within the specified statutory timeframe. Where neither party serves the termination notice within the specified timeframe, the lease will continue to run on an implied re-lease with the same terms and conditions as the original lease due to the doctrine of ‘tacit relocation’.
Every year, millions of pounds worth of cryptocurrency is lost forever because the owners of the currency failed to put a plan in place to leave it to loved ones. A 2020 study by the Cremation Institute indicated that 89% of cryptocurrency owners were concerned about what would happen to their cryptocurrency when they die. Despite this, many still fail to make a contingency plan to ensure that it can be passed on. In this article, we look at how to effectively pass on cryptocurrency through a Will.