Legal Rights are a distinctive feature of Scots Law designed to protect spouses and children from disinheritance. Recently we have seen an increasing number of queries relating to Legal Rights by those who wish to disinherit their spouses/children for a variety of reasons.
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The law never stands still, and the way it applies to you and your organisation is constantly evolving. Our people are on top of these developments and can keep you up to date with some of the most interesting aspects of these changes. Check out our articles and updates for our perspective on issues that might affect you.
Latest articles from Karyn Richmond
Recent Supreme Court ruling: pension transfer made in ill health does not attract an inheritance tax charge
A recent court judgement brings some clarity for those in ill-health looking to make changes to their pension pot. The case highlights that the motivations for making changes to the pension is key when determining if an IHT charge is applicable.
The Office of the Public Guardian in England and Wales (OPG) has launched an online service for attorneys acting under a Lasting Power of Attorney. The service will enable attorneys to prove their status to banks and other organisations. There is currently no online system for attorneys in Scotland and there do not appear to be any plans to put this in place at the moment.
Taking on the role of an Executor carries with it a great deal of responsibility. An Executor has the legal authority to administer an estate and is ultimately responsible for any mistakes made. They can be held personally financially liable for any breaches of duty. As a result it is imperative that the Executor does everything in his power to ensure that they include all assets in the inventory of the estate and that they settle all liabilities of the Estate in full.
The estate of Euromillions winner Colin Weir who passed recently is expected to be the largest estate ever dealt with by Scottish Courts. The executry administration for this estate is likely to be a lengthy process and although most are not worth £161m, all Scottish estates are required to go through a similar process.