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.
You can exclude a child from a Will in Scotland, but that does not mean the child cannot share in their parent's estate. Just because a parent does not gift something to a child in a Will does not mean the child is not entitled to a share in the estate. In Scotland, children have an automatic entitlement to share in their parent's estate. These are called Legal Rights.
Whether shares in a company are liable for Inheritance Tax (IHT) depends on a number of factors. Perhaps the most obvious factor is whether the level of estate is above the IHT threshold. If the value of the estate is less than £325,000, no IHT is payable. However, if the value of the estate is more than £325,000, the liability for IHT on the shares depends on whether the shares are held in a quoted company or a private unquoted company. Business property relief applies to certain types of shares and business assets owned by the deceased.
Estate planning for blended families can be extremely challenging. When a new family is created from different relationships, it is important to understand the entitlement children who do not have the same two parents have to share in their parents’ estates. In a blended family, there are usually children from a previous relationship of one or both of the partners. This can raise issues about who gets what when one or both die(s).
You don’t have to be a philanthropist to leave money to charity in your Will. Every charitable donation counts, no matter how small. Most UK charities promote gifting through Wills. This year sees International Day of Charity take place on 5 September 2022, which presents an ideal opportunity to consider including a charitable donation in your Will.
Many people fail to make a Will at all, thinking that they do not need one. However, every adult over the age of 16 should make a Will and update it as their circumstances change throughout their lives. In this article, we look at why everyone needs a Will, capacity and Power of Attorney, and life events that may require you to update your Will.
