Usually the way in which someone chooses to deal with their estate upon their passing is a private matter discussed between themselves, their lawyer, and possibly those who stand to inherit. However, James Bond actor Daniel Craig has been in the news recently to discuss his plans to disinherit his children from his large fortune made from a successful acting career. This may make you wonder just how easy it is to prevent your children inheriting from you upon death?
Very easy, you may think – simply write a Will leaving your estate to whoever you please (or, as the old adage goes, to the cat and dog home!). While this may be possible for Mr Craig in England where the principle of “testamentary freedom” is absolute (essentially, it’s your money and you can give it to whomever you like, subject to minor exceptions), Scots Law operates somewhat differently. Yes, you are still free to pass your estate to whomever you see fit but this is conditional on the principle of Legal Rights.[Read more…] about Can I disinherit my children on my death?