Trusts can be a useful tool in planning for the future, but their rules and uses are complex and can often be misunderstood. In this insight, we set out the essentials.
While there has been much discussion surrounding Digital Assets, there is currently no statutory definition. Examples include emails, photos, social media accounts, online-only bank accounts (e.g. PayPal, Monzo etc.), cryptocurrency and music libraries. Similarly to other assets you own, Digital Assets can be passed to your chosen beneficiaries following your death.
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.
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