The Government has scrapped a rule that see’s inheritance tax apply to some war medals meaning that those who leave a medal in their will no longer have to pay tax on the item, with many of those leaving gifts behind urged to make a will....
Wills, Probate & Executry Blog
Plan for the future with Wilson & Fish. Keep up to date with developments on our blog.
Gifts in wills fund over a third of Cancer Research donations, and 60% of all charitable donations to Lifeboat launches, but those who do not leave a will run the risk of leaving nothing to their loved ones or family. Many believe that their finances are not complicated and therefore do not require to leave a will...
Farmers run the risk of losing their land under new proposals from the Scottish Government if no will is in place according to an MSP.
According to Tory MSP, and farmer, Alex Johnstone, the law and changes to inheritance could result in a change of inheritance and break up family farms. The MSP cited his own farm as an example and claimed that the Government were simply attempting to break up the ownership of land in Scotland.
Death Intestate Not Accounted For
Despite the criticism of the new land reform that it could break up family farms, the Government has said that a well planned will would enable inheritance to be passed down easily and ensure that family farms are not broken up. However, new rules do not take into account what happens if a farmer dies intestate.
Some Government ministers have argued it is wrong that half Scotland’s private land has only 432 owners with the land reforms seen as a key aspect of the Government’s future plan.
Current rules see children and spouses receive disinheritance with relation to “movable property” but not “heritable property” such as land and houses. In turn this means farmers can leave their land to anyone they wish in their wills without another claim being made for their land.
According to some real estates experts the proposed land reforms have led to a fall in the number of estates sold in Scotland.
The Importance of a Will
The new reforms according to the Scottish Government can be easily solved by having an appropriate will in place to ensure that your inheritance when it comes to property and land is safe.
For advice on creating a will or if you believe you have a case to challenge a will, contact us today using our online contact form.
In 1999 the average Briton who received inheritance was in their early 50s, but new data has shown that the vast majority are closer to 60 by the time they receive an inheritance, leading to an end of “traditional inheritance”...
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