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.
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.
In the recent Autumn Budget 2024, it was announced by the Government that measures will be put into place to reform the Inheritance Tax treatment of pensions. From 6 April 2027, unused pension funds will be included within the value of a person’s estate. These changes will affect both UK registered pension schemes and Qualifying Non-UK Pension Schemes.
After promising not to raise income tax levels, there is ongoing speculation about what taxes the new Labour government might target to meet its spending commitments.
It has recently been reported through a release from HM Revenue & Customs (HMRC) on 23 April 2024 that UK taxpayers paid £7.5 billion in Inheritance Tax (IHT) from April 2023 to March 2024, being an increase of £0.4 billion from the same period last year.
