The law of Scotland provides that your spouse and children will automatically benefit from your estate, regardless of whether or not you left a Will. This is due to the system of Legal Rights, which is unique to Scotland in the UK.
Arts Council England recently announced that three artworks by Peter Lanyon, a figurehead of post-war British painting, were acquired for the nation as part of the acceptance in lieu scheme, nearly settling the £900,000 Inheritance Tax due on Lanyon’s widow’s estate. Acceptance in lieu is rarely used and may not necessarily spring to mind when planning to pay Inheritance Tax, however, as this case shows it may be worth considering.
If you are lucky enough to be spending your summer in your own property in the sun, your thoughts might turn to who you want to enjoy your property when you are no longer here and how you can plan for this.
Murray Beith Murray Partner, Peter Shand, has written the article below for The Scotsman today (Monday 13 May), which includes a quote from family business specialist Mairi Mickel, Consultant and Founder of Mairi Mickel’s Business Families: