Estate Planning in Scotland
Estate planning is essential when it comes to making sure your wealth is protected, both for yourself and future generations. When you have worked tirelessly throughout your life, you want to ensure you have clear plans in place that keep your assets safe for later life and provide for your family. Here at Davidson & Shirley, our specialist estate planning solicitors can provide honest, reliable legal advice on the different ways you can manage your assets for all circumstances.
Protecting your assets for the future
Everyone has an estate made up of the money and assets they have accrued during their lifetime, however extensive or modest it may be. Our qualified lawyers understand you want to protect these assets and pass as much of your estate on to your loved ones after you are gone. However, it’s important to be aware there are several threats that could reduce how much of your estate you can pass on. These include:
- Inheritance Tax (IHT)
- Care costs
- Capital Gains Tax (CGT)
- Family or matrimonial issues
- Business failure
- Forced inheritance – this might include a child’s Legal Right or claims made on your estate by other parties
How can estate planning help?
Making a Will
Estate planning puts you in control of what happens to your money and property when you die or become unwell. The most obvious way of preparing your estate is by writing a Will that clearly sets out what you wish to happen after you die, identifying the people and charities that you want to benefit. This will ensure that your assets are protected and will remain within your family for future generations. Whether you have dependent children, a partner you are not legally married to, or you own property overseas, having a Will in place is crucial to ensure your assets end up in the right hands when you die. Contact Davidson & Shirley today to speak about writing a Will.
Estate planning also allows you to effectively plan for and reduce the amount of tax that may be payable on your estate when you die. Primarily, this will be liability for Inheritance Tax, which is applied at a rate of 40 per cent on the value of your estate above the threshold of £325,000. Depending on your circumstances, other taxes such as Capital Gains Tax may also apply. Our expert estate planning lawyers at Davidson & Shirley can advise on the best way to legitimately reduce the amount of tax paid on your estate. This can involve relatively simple measures such as lifetime giving, or more complex strategies such as the creation and utilisation of trusts.
Planning for care costs
As we get older, many of us will require additional care. This can have a substantial effect on how much of your estate is passed to your loved ones as you may be asked to contribute to the cost of your care. For this reason, many people choose to take advantage of trusts and other financial tools, helping them to separate their assets that may otherwise be used to cover care costs.
Contact Davidson & Shirley Estate Planning Solicitors in Lanark, Motherwell & Wishaw, Scotland
If you are looking for a qualified solicitor who can help with estate planning, speak with a member of our team today. With years of experience and specialist knowledge, our lawyers are well-equipped to handle your case, regardless of what your personal circumstances may be. To arrange an initial appointment, call Davidson & Shirley on 01555 709644 or fill out our online enquiry form.