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.
In life, things change over time. That means you must be able to change arrangements you make from time to time. When you take the steps to grant a Power of Attorney, you consider the circumstances you face at that moment in time. What happens, however, if circumstances change? This article considers how you can change a Power of Attorney in Scotland.
It is always surprising when a few words in the title to a property can create unintended consequences. Throughout the 1980s and 90s, it was not uncommon for a joint title to property to contain a survivorship destination. Most couples felt it was right to agree that the whole title to the property should transfer to the survivor when one of them died. By including these few words, they had inadvertently included testamentary intent in the title to their house.
Dealing with shares in a public limited company (plc) when acting as an executor, is relatively straightforward. These types of shares are publicly traded and the value at the date of death can be readily ascertained. However, if the deceased held shares in a private limited company, dealing with these is not entirely straightforward.
If you have separated or divorced or are currently going through a divorce or separation, perhaps the last thing you might think about is updating your Will. However, it is one of the key elements of the separation and divorce process solicitors will advise you to deal with immediately.
Inheritance Tax (IHT) planning is key to ensuring your loved ones keep as much of your estate as possible after you die. There are a variety of ways to mitigate against the effects of IHT and using a Will is just one of them. The simple answer is yes, you can avoid Inheritance Tax with a Will. Below we will look at some of the options available to you. Of course, IHT is only a problem if your estate exceeds £325,000.
