Wills, Trusts & Executries
Key Contacts
The law governing inheritance and Trusts is a hugely complicated area requiring specialist advice. Our private client team is well versed in the intricacies of this area of law and will ensure that your interests are looked after at every stage, be it planning for marriage/co-habitation, investing for children, minimising your tax burden or planning for your retirement. We provide a personal and sensitive service with advice that is tailored to your situation.
Please be aware that Scottish law is different from English law and we can only advise you if you live in Scotland or have property or other assets in Scotland.
Wills
A Will, in the proper legal form, is the only way to ensure that your property, money and other assets are disposed of as you would like and in a tax-advantageous way. The laws of intestacy in Scotland are complicated Scots Law can be complicated when it comes to dividing up a person's estate so, for peace of mind making a Will is an absolute necessity. If there is a change in your circumstances (for example, marriage, children, family break-up) you should review your Will in case it needs to be amended. Before you instruct us to prepare a Will for you, you might find it useful to print out and complete our Wills Questionnaire. By doing this, you will provide us with basic information that we require to start drafting a Will (for example, details of your Executors, beneficiaries, any specific or cash legacies etc.)
Trusts
Trusts can be used for tax-planning purposes or for redistributing family wealth down successive generations. They can also be used to ensure that young or vulnerable beneficiaries can still benefit from Trust funds without holding any assets in their own names. We advise clients on setting up Trusts to take effect in life or inserting Trust provisions into a Will which only become operational on death. We also ensure that clients appreciate the various Inheritance Tax consequences from either putting money into a Trust during his or her lifetime or, alternatively, how a Trust contained in a Will will be taxed on his or her death. Within the Department, we also manage on-going Trusts, prepare Accounts deal with any Inheritance Tax issues and wind up Trusts that have come to a natural or deliberate end.
If a person is unlucky enough to be involved in an accident he may receive some compensation. If he has sustained serious permanent injuries the sum awarded may be substantial to pay for any long term care that he may need. The compensation can be placed into a Trust for a Disabled Person or a Personal Injury Discretionary Trust to be managed for the benefit of the injured person.
Executries
We have extensive experience in dealing with estates of all sizes, drafting Confirmation applications (Probate in Scotland) and, where required, completing the extensive H M Revenue & Customs Inheritance Tax paperwork. At all times we adopt a sensitive approach to our work as we appreciate that this is a difficult time for those with whom we are dealing. Our aim is to provide an efficient service to ensure that matters are brought to a conclusion as soon as possible while keeping the involved parties informed throughout the administration process. We can also advise on the matter of post-death Inheritance Tax planning using Deeds of Variation.
Are you a Sole Practitioner? Do you have any "problem" Executry files? Are you finding it impossible to finish a particularly complicated Executry? Does the thought of complicated IHT forms fill you with dread? If you have ongoing cases that you might like assistance, we are pleased to introduce a new Consultancy service, designed expressly for fellow private client practitioners. Please contact Richard Murray for further information on 0131 220 3000.