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.
Setting up a trust is one of the most tried and tested methods for protecting assets. It can be an important wealth management tool and critical element in prudent succession planning.
If you are concerned about how much Inheritance Tax (IHT) your estate will be liable for when you pass away, leaving a gift to charity could reduce your bill. Gifts to charity, when properly executed, can reduce or, in certain circumstances, even eliminate your inheritance tax liability entirely as they do not count towards the taxable value of the estate. In this article, we look at the tax benefits of leaving gifts to charity, what you can gift, and how to leave a gift in your Will.
Murray Beith Murray Partner, Andrew Paterson, explains Capital Gains Tax liability on the sale of a property, in response to a reader’s question in a recent edition of The Scotsman. Read the full article below, republished by kind permission of The Scotsman:
There are several misconceptions about what happens to your debts when you die. Many people believe that your debts die with you, or that family members become responsible for paying your debts after you die, but this is simply not the case in Scotland. In this article, we look at what happens to your debts after you pass away, and several circumstances which may arise out of debts on the estate.
For many of us, a Will is one of the most important documents that we will ever prepare. Knowing that our wishes are explicitly stated for our loved ones to follow after our death can bring some comfort. We might rewrite or alter our Wills as we progress through life, but what happens if changes are needed to your Will after you have died? Is it possible to do this? This post will discuss the situations where this issue might arise and what can be done.
