A Living Will is a document used to record your wishes in relation to medical treatment that you may receive in the future if you ever are unable to make or communicate such decisions yourself.
The Trusts and Succession (Scotland) Act 2024 received Royal Assent on 30 January 2024. This is the first major review of Trust law in Scotland in over 100 years. Learn more about the changes and what these mean for you in this blog post.
A Power of Attorney is a legal document which appoints trusted individuals to make decisions in relation to your finances and personal welfare. It is one of the most important legal documents you can put in place and not just something to consider as you get older.
Preparing a Will can seem like a daunting task. In this blog post, we explain what a Will is, the importance of having a one in place and how to get started or implement any changes to your existing Will.
The General Economy
Following Jeremy Hunt’s first budget back in October the changes, or lack thereof, of previous Chancellors will really begin to bite for taxpayers in 2023. The UK, and global, economy is still recovering from the major impacts of a global pandemic and the ongoing war in Ukraine. Although we may manage to stave off a technical recession it is likely the UK economy will contract for at least one quarter. Inflation, the measure which tracks the general price of goods and services over time, remains one of the highest in Europe, threatening to push more people into poverty and erode wealth for those with significant assets.
Nominated for 25 Emmy Awards this year, the HBO series ‘Succession’ has captivated audiences and may well have prompted clients to contemplate how best to plan for succession to their estates.
Drafting a Will for lead character, Logan Roy, would require a bespoke approach, to take account of his vast wealth across multiple countries. Here we consider an appropriate Will structure, together with some other key points to explore when creating a fitting testamentary writing for Logan.
What is The Trust Registration Service?
The Trust Registration Service is an online service which assists Trustees to adhere to their registration obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
New regulations came into force in October 2020. The new regulations mean that there is an increase in the number of trusts that fall into the ‘need to be registered’ category.
By order of the Peaky Blinders … beware, spoiler alert
Following Tommy Shelby’s terminal diagnosis, those watching BBC’s final season of Peaky Blinders might be wondering how Tommy intends on distributing his estate and preserving his wealth by mitigating potential inheritance tax (“IHT”) liabilities. There are various options to explore when looking to mitigate a future IHT bill, a common one being lifetime gifting.
Let’s fast forward 90 years and assume Tommy passes away on 30 April 2022. Despite being unaware of his imminent diagnosis, Tommy had been mindful of mitigating a potential IHT bill and made various gifts to family over the years. As he no longer benefitted from those gifts and he’d hoped to survive at least the required 7 years, he’d assumed the gifts would be out with his estate on death. Let’s look at how Tommy’s gifts would be treated from an IHT perspective taking into account taper relief and various exemptions/allowances.
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