Murray Beith Murray is a leading Scottish private client law firm.
For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
A crucial part of the estate planning process is choosing your executor and, for many, this will typically be a loved one such as your spouse or children. However, this raises the question as to whether they can also be named as a beneficiary or if this could cause them to be disinherited from your Will.
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.
As we approach the end of 2019, one of our recently qualified solicitors, Adam Swayne, reflects back at the conclusion of his 2-year traineeship with Murray Beith Murray, and recommends the firm to anyone considering a legal career.
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.
