BTO Personal
Wills, Succession and Estate Planning
You may have seen the recent announcement that His Royal Highness Prince Philip’s Will is to be kept secret or ‘sealed’ for the next 90 years. The President of the Family Division in England and Wales, Sir Andrew McFarlane, has ordered that Prince Philip’s Will be sealed, in order to protect the Queen’s dignity and privacy, in light of her constitutional role.
In our last blog (available here) we discussed why it is important to make a Will if you are starting a family. In the second part of this blog series we consider Powers of Attorney and Living Wills and why these are similarly important.
Making the decision to bring a child into the world is an exciting journey, but there are inherent health risks involved, particularly with certain types of fertility treatment such as assisted and donor conception. Although one would hope the health risks wouldn’t come to fruition, these risks could result in you losing capacity and requiring someone to make decisions on your behalf. If you put a Power of Attorney in place, this will give you peace of mind to know that, should the unthinkable happen and you end up incapacitated, you have appointed someone you trust to make important decisions for you. Likewise, having a Living Will in place gives you peace of mind that a declaration as to your wishes is available to those involved in making decisions about your medical care, should you be unable to make decisions for yourself.
[Read more…] about Starting a family using fertility treatment? Your second step should be to consider a Power of Attorney or Living WillYou may have noticed #FreeBritney trending on social media recently causing you to ask Google ‘Do Conservatorships exist in Scotland?’ Charlotte and Sian discuss the legal concept of a conservatorship, Scotland’s equivalent mechanism, and whether there are any steps that you can take now to avoid the upset and distress experienced in Britney’s situation.
What do Britney Spears and Private Client Law have in common? ‘Not very much’ you might say. However, in light of the recent ongoing high-profile litigation in Los Angeles surrounding Britney and her father, Jamie Spears’ ‘Conservatorship’, the answer to this question might be a little different than it appears at first glance.
[Read more…] about The ‘Free Britney’ movement: Do Conservatorships exist in Scotland and what are my options?I know, I know – who wants to read about trusts!? It’s either too boring or too complicated to get into and nobody really has enough time in the day to delve any further. But, please humour me – trusts are actually quite interesting and could be extremely useful for you and your loved ones. So what is a trust and why should you care?
Generally speaking, trusts are regarded with much suspicion amongst the general public. This is likely caused by the regular negative press that trusts have received over recent years. The perception is that trusts are a tool for tax-evaders or those with significant wealth. This misconception is not assisted by the fact that many people do not understand what trusts can be legitimately used for, how they work or why they should exist at all. But I am here to break it all down for you…
[Read more…] about What is a Trust and Why Should I Care?Making the decision to start a family is an important and exciting life event. For some people, fertility treatment will become a necessary part of the process, and if that is the case for you it may be even more important to consider the terms of your Will.
When you embark on the fertility treatment process, it is important that you ensure your personal affairs are reviewed and up to date – and this includes putting a Will in place. This means that you can have peace of mind that your wishes will be respected after your death, should the worst happen.
[Read more…] about Starting a family using fertility treatment? Your first step should be to put a Will in placeSara Albizzati discusses the relationship between trusts and land taxes and opportunities for tax planning.
Except in limited circumstances, you must pay Land and Buildings Transaction Tax (LBTT) if you buy a property or land over a certain price in Scotland within 30 days of completion, or Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland within 14 days of completion.
[Read more…] about Trusts and land taxes – when is tax due?