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.
The short answer to this question is “No”. However, getting divorced can have a serious impact on your Will. The Succession (Scotland) Act 2016 radically changed the Act of the same name from 1964, with the impact of divorce being centre stage. So, whilst divorce does not revoke a Will in Scotland, ignoring it can have serious consequences.
Inheritance tax (“IHT”) payments have increased in yield by a third, according to data recently released by HM Revenue & Customs (HMRC). HMRC collected £1.5 billion in Inheritance tax (IHT) in the tax year to June 2021. This represents a £400 million increase from the same period a year ago.
There are several misconceptions about what happens to your debts when you die. Many people believe that your debts die with you, or that family members become responsible for paying your debts after you die, but this is simply not the case in Scotland. In this article, we look at what happens to your debts after you pass away, and several circumstances which may arise out of debts on the estate.
For many of us, leaving the family home to our children is something that is important to us. The question is, when is the best time to do this? Should you gift it to them now or leave it to them in your Will? Here, we explain what you should be considering when making this decision.
If you have recently inherited shares that have now collapsed in value due to the coronavirus pandemic, you could be entitled to a substantial inheritance tax (IHT) repayment.
