COVID-19 - We are open for business and here to help ->
Call now - 01555 662576

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, we aim to give reliable legal advice on the different ways you can manage your assets for all circumstances. Contact us today on 01555 662576 or complete our online enquiry form.

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:

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.

Tax planning

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.

We 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.

Call now - 01555 662576

Contact our approachable, reliable and experienced solicitors.

Providing effective legal advice in Lanark and beyond since 1867.

Make an enquiry

Please let us know your name.
Please let us know your email address.
Please enter a valid telephone number
Invalid Input
Please let us know your enquiry.

Whether buying or selling your home, seeking legal business or agricultural input, or facing court proceedings of any kind, we aim to join with you to achieve the best possible outcome.

Buying or Selling?

Disabled Access

Davidson & Shirley provide disabled access to their offices, allowing wheelchair users easy access to our services.