Wills & estates

Inheritance tax

Nobody likes inheritance tax - particularly when the government's take is increasing all the time.

Inheritance tax is paid on assets that have already been taxed, so it is not-surprisingly one of the least popular taxes we have. As a basic rule of thumb, once the personal allowances have been used up, inheritance tax is charged at 40% on the remaining balance!

Happily, steps can be taken to mitigate the liability - whether by transferring assets, regulating the title to your property or setting up will trusts. We can advise you on all of these. It is important however that you consult us as early as practicable. It tends to be too late to make amendments once you are dead!

Winding up estates

We have an experienced executry department dealing with all matters relating to the winding up of estates.

The procedure in Scotland is that an executor's duty is to investigate the estate, lodge an inventory with the Capital Taxes Office and obtain confirmation from the local sheriff court. Confirmation in Scotland is equivalent to probate in England. In order to obtain confirmation, a detailed inventory must be submitted detailing all the assets in the estate. If the estate is sufficiently large to be dutiable then the Capital Taxes Office take an active interest to ensure that the full amount of inheritance tax is paid.

After confirmation is obtained, the estate can be gathered in and distributed in accordance with the terms of the deceased person's will. If there is no will then the estate will be wound up in accordance with the rules of intestate succession in Scotland.

We can advise on all aspects of these procedures. It can be complicated, but we will be here to guide the executors through it. We realise that these are often difficult and distressing times, and our aim is to minimise the anxiety as much as possible.