The Treasury recently announced a number of changes to tax policy including the simplification of Inheritance Tax ("IHT") reporting requirements for deceased estates.
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Latest articles from Sarah Stewart
A recent case heard by the England and Wales High Court has highlighted the issues that can be encountered if a Will is drafted which does not reflect the testator's instructions.
A recent case in England has ruled that an executor (the person responsible for administering a deceased person's estate) can be replaced by their attorney for the purpose of the estate administration if they have lost capacity. But what is the position here in Scotland in such a situation?
In Scotland, generally Wills are to be interpreted intrinsically – or within the four corners of the document. The question is what the document actually says, which may well be different from what any potential beneficiaries would like it to say. Any extrinsic evidence will not, as a general rule, be permitted when it comes to determining the intention of the testator.
A common question we often come across when dealing with estates and trusts is the question of when formal valuations are required, particularly with regards to property and contents. Estates will commonly include an interest in a property and everyone will own some personal possessions and contents. In addition, it is not uncommon for trusts to hold interests in properties.