Further to our earlier article advising on the general impact of the Succession (Scot) Act 2016, it has since been confirmed that the remainder of the new Act will come into force with effect from the 1st November 2016.
Previously, only one part of the new Succession Act had been brought into force with immediate effect which concerned applications for Bonds of Caution.
What will the impact of this new act be going forward?
Generally, most of the Act will apply to deaths which occur on or after the1st November 2016, although there are some transitional provisions in place.
One of the key changes is that should an individual die on or after 1st November 2016 and their Will was signed, or they had purchased property prior to a divorce, dissolution or annulment, then any benefit to the former spouse under the terms of the deceased’s Will or title deeds, will now be cancelled. The former spouse will be treated as having predeceased the deceased unless the Will expressly states otherwise.
These changes are a welcome development for practitioners and individuals alike; marking a clear path ahead for the changing landscape of Succession law in Scotland.
Succession (Scot) Act 2016
The laws of succession in Scotland – which govern who receives your assets when you die - have finally been brought up to date for the first time in 50 years. We reviewed the full impact of the act in a previous Insight which you can view here.
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If you would like to know more about the changes to the law on succession, are considering making a Will, or would like any other assistance, please don’t hesitate to get in touch with our private client team
We can provide the assistance you need to protect your assets and your loved ones. This will allow you to put your mind at ease, knowing everything is in hand.