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Fergusson Law Edinburgh Solicitors – Fixed Fees Service
Fergusson Law Solicitors Edinburgh – Bespoke private client services
Fergusson Law, Solicitors in Edinburgh – Private client legal services

Making A Will In Scotland

We cannot stress too highly the importance of making a Will. Family and personal relationships are now more complex than ever and the absence of a Will can cause significant problems and put the interests of both the immediate family and any business connections at risk. We encourage all our clients to make a Will so that proper arrangements can be made, avoiding unnecessary expense, for those who survive us on our death.

Executries

Fergusson Law's solicitors aim to de-mystify the procedures involved, and administer an Estate quickly and efficiently for a fixed fee.

Trusts

A trust can help to protect assets and save tax at the same time. For example, you might want to give your niece a lump sum, but do not want her to spend it on the wrong things. By putting the money in trust, you can be sure that your niece will benefit from the money, but your appointed Trustees will manage the funds so that they are spent in line with your wishes.

Power of Attorney

We recommend that everyone grants a Power of Attorney as a safeguard against unforeseen events.  If you have a Power of Attorney in place and circumstances arise whereby you are unable to act on your own behalf, your affairs can be dealt with in a simple manner with the minimum of formality, interruption and expense, by someone you trust.

Guardianship

If you become incapacitated a person with an interest in your affairs may apply to legally act on your behalf via the Sheriff Court.  This person is called a Guardian. A Guardian is usually appointed for a period of three years or more. There are two types of Guardian who can do so - a Financial Guardian and a Welfare Guardian:

Court of Protection

This court is constituted in England and Wales for matters which in Scotland are dealt with by Guardianship and the Office of the Public Guardian.

The Court of Protection’s role is to make decisions on behalf of people who lack the capacity to make them for themselves, due to impairment in the functioning of the brain. The decision in question could concern personal welfare or healthcare but it is more likely to involve financial matters.

Living Wills

A living will is an instruction to the medical profession about your wishes in the event that you are incapacitated and unable to give instructions on your own. For instance, you can give instructions to the effect that you do not wish to be resuscitated if you are suffering from a particular medical condition.

Inheritance Tax

We will advise on Inheritance Tax and Capital Gains Tax and provide guidance as to how and when their effects can be mitigated.   A good time to discuss these matters is when we are drawing up your Will. 

Inheritance tax is only paid by five per  cent of estates so it may not be a problem for you.  There are a number of exemptions which can take you outside its scope.  Assets left to a   spouse or legal partner usually have no IHT to pay.  Your house left to a close descendant attracts  allowances which could also take your estate   out of IHT.  Even after  your death your beneficiaries could agree to rearrange affairs to mitigate the possible effect of IHT.  .

One of the simplest things you can do to avoid paying inheritance tax (IHT) is to spend or give your money away during your lifetime.  You're allowed to spend your money how you want (obviously), so we'll assume you're on top of that.  Each tax year, you're allowed to give up to £3,000 away as a gift, split between however many people you like. You're also allowed to make unlimited gifts of up to £250 to others, too.  If you're off to a wedding, you can give up to £1,000 and never have to worry about inheritance tax. You can give up to £2,500 to grandchildren, and £5,000 to your children too. Wedding gifts must be made before the wedding, and the wedding must go ahead. If you make gifts above the thresholds, they may be taxable if you don't survive for seven years after making them. Otherwise they'll be tax-free too. 

You can leave money to a charity  Any money you leave to a charity, providing it is registered in the UK, will always be free from inheritance tax. The same goes to gifts to political parties, or to local registered sports clubs. 
We can  help explain it all and make sure your estate pays no, or the smallest   amount of, IHT.  Call us now

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Notarising

Janice Fergusson Nisbet is a Notary Public recognized by the Law Societies of England, Scotland and Wales. Her seal and signature are  registered with the Foreign and Commonwealth Office.

Conveyancing

We aim to de-mystify the procedures involved in selling or buying property and deal with matters quickly and efficiently for a fixed fee.

Will & Executry Frequently Asked Questions

We have answered some of the frequently asked questions about Wills, Executors and the Executry process in Scotland. If you do have more questions or need legal advice on these matters, please do not hesitate to get in touch with us.