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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.

Call us today on 0131 225 1200
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Estate planning for ‘Cultural Assets’

andrew

If you have an art collection, you will no doubt be aware that it is a valuable asset. However, you may be unsure of the best way to leave this behind after you pass away. Collecting art is, for many people, a lifetime passion, and so it is important that it is left in the right hands. Unfortunately, many people fail to consider their art collection when making a Will, or are unaware that there are several ways to leave cultural assets behind. In this article, we look at leaving gifts of art in your Will, the Cultural Gifts Scheme, and how cultural assets might be valued after you pass away. 

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Leaving cryptocurrency in your Will

adam swayne

Every year, millions of pounds worth of cryptocurrency is lost forever because the owners of the currency failed to put a plan in place to leave it to loved ones. A 2020 study by the Cremation Institute indicated that 89% of cryptocurrency owners were concerned about what would happen to their cryptocurrency when they die. Despite this, many still fail to make a contingency plan to ensure that it can be passed on. In this article, we look at how to effectively pass on cryptocurrency through a Will.

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Succession for Couples

peter

There are many ways that couples might choose to formalise their relationship, whether that involves cohabitation, getting married or entering a civil partnership. The law in Scotland has recently changed to allow different sex couples to enter into a civil partnership. (See our previous blog, Mixed civil partnership). In light of this development, couples may wish to give some consideration to the differences in the treatment of these approaches in the law of succession.

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Mixed civil partnership

fraser

From 30 June 2021, civil partnerships have been available to all couples in Scotland. This marks a crucial step forward in reaching parity between couples of all gender identities and sexual orientations. Further, for the first time, civil partnerships between couples of different genders formed outside of the UK will be recognised in Scotland.

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Step-families and succession: explained

adam swayne

In many families, step-children are just as close to their step-parents as biological children. However, the law does not provide them with the same protections when it comes to succession. If you die without leaving a Will, the laws of intestacy will govern who inherits from your estate.

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