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.
One difficult question you need to address when preparing a Will or Power of Attorney is how to deal with digital assets. By their very nature, digital assets are intangible and may be difficult to trace, access and manage. Some of them may be deleted by social media platforms and cease to exist whilst other platforms might convert the digital account content into a legacy but refuse access.
Many people believe that when they make a Will, their wishes will always be followed to the letter. In reality, both in Scotland and in England & Wales, the law places limits on what can be done. A recent decision of the High Court in England has highlighted this point and is a reminder to take proper advice when preparing an estate plan.
Estate planning for the blended family can be challenging. Deciding what to do with your estate when you and your partner share children can be relatively straight forward most of the time. However, when you live in a blended family, getting the balance right might be more problematic.
Making a Will is one of the most important things you can ever do because it allows you to direct who should share in your estate after your death. That includes who should inherit your property and how your assets and investments should be divided. These are just some of the things you must consider when making a Will. It is important to plan in advance to make sure you do not miss anything or anyone out. Being aware of the key aspects of making a Will can aid in making the process as smooth as possible.
When you die in Scotland, you should not assume your estate will be distributed amongst your loved ones in the way you think it will. That’s because when you die intestate (that is without a Will), your estate will be distributed in accordance with the Law of Succession.
