Murray Beith Murray Partner, Peter Shand, writes in The Scotsman today about the rising trend of the super-wealthy in setting up finance and legal offices to deal with their affairs.
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.
Murray Beith Murray Partner, Peter Shand, writes in The Scotsman today about the rising trend of the super-wealthy in setting up finance and legal offices to deal with their affairs.
Family businesses are an integral part of the economic health of Scotland, and in light of the COVID-19 pandemic, it is more important than ever that we as professional advisers, assist our clients in overcoming their legal and practical problems.
Family businesses face the same challenges as every other business. However, they have the added complication of involving highly personal relationships. When conflicts arise, there is much at stake and commercial decisions can be influenced by the way people feel, unresolved family tensions, or things that may have happened in the past. As a result, it is not only the matter at hand that needs to be effectively managed but the people involved in the running of the business too.
The law of Scotland provides that your spouse and children will automatically benefit from your estate, regardless of whether or not you left a Will. This is due to the system of Legal Rights, which is unique to Scotland in the UK.
Murray Beith Murray Partner, Peter Shand, is interviewed by The Scotsman online today, discussing the impact of the COVID-19 pandemic on family businesses, events this could precipitate and actions for family businesses to consider.