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 believe that when they make a Will, their wishes will always be followed to the letter. In reality, both in Scotland and in England & Wales, the law places limits on what can be done. A recent decision of the High Court in England has highlighted this point and is a reminder to take proper advice when preparing an estate plan.
After years of frustration, trustees of small, non-taxpaying trusts will soon benefit from a long-overdue exemption from the UK’s Trust Registration Service (TRS). But there is a catch: the change will not apply retrospectively.
Making a Will is one of the most important things you can ever do because it allows you to direct who should share in your estate after your death. That includes who should inherit your property and how your assets and investments should be divided. These are just some of the things you must consider when making a Will. It is important to plan in advance to make sure you do not miss anything or anyone out. Being aware of the key aspects of making a Will can aid in making the process as smooth as possible.
You should not wait until tragedy strikes before reviewing your Will. By keeping your Will under regular review, you can take the time to ensure that you give your Will the care and attention required to ensure that your intentions are realised, saving you from unnecessary stress and complications.
“Death is not the end. There remains the litigation over the estate.” Over a century later, Ambrose Bierce’s words still ring true today if you have not taken steps during lifetime to plan for what happens to your estate on death. Without proper estate and tax planning, your loved ones may find themselves embroiled in lengthy and costly litigation, both in monetary terms and family relationships. It is, therefore, essential that you take professional advice to ensure the preservation of your assets, family harmony, and the ability to exert control over the ultimate destination of your estate.
