The Wills, Trusts, Executries and Tax Planning Department is headed by Allan Crocker, who is assisted by Mark Harris. Between Allan and Mark they have over forty years of experience in dealing with this type of work, where the emphasis is on sensitive attention to detail in recognising our clients’ needs and carrying out their instructions. A brief synopsis of each category of work undertaken by the department is set out below but if you require any help in this area please contact Allan for a confidential discussion or to arrange a home visit.

 

A will regulates the disposition of your estate after your death. It states whom you wish to benefit from your estate, your beneficiaries, and whom you wish to be in charge of the winding up of your estate, your executors. It has the benefit of creating certainty after your death regarding your wishes and, properly drafted, ensures that your estate will suffer as little inheritance tax as possible.

 

It is important to remember that a will only comes into effect on your death and if something happens to you before death which results in your incapacity you will require to have appointed an attorney to look after your affairs. The law relative to powers of attorney changed dramatically with the introduction of the Adults with Incapacity (Scotland) Act in 2000 and in terms of the legislation you are able to have a Continuing Power of Attorney which regulates your financial affairs and a Welfare Power of Attorney which regulates matters pertaining to your welfare.   These days with the general increase in life expectancy comes the consequent spectre of having to go into care. In such circumstances having a well drafted Continuing and Welfare Power of Attorney creates peace of mind for both you and your family.

 

Trusts come in all shapes and sizes and with a variety of uses. Central to each trust is a three way relationship consisting of the truster or settlor, who inputs the funds into the trust, the trustees who look after the trust funds and the beneficiaries who are the persons who benefit from the trust funds. Trusts may be classified as to whether they are inter vivos i.e. designed to take effect during the life of the trustee or mortis causa i.e. designed only to take effect from the trustee’s death. Trusts are subject to their own peculiar tax treatment and accordingly whatever trust purpose you have in mind it pays to have your trust deed professionally drafted to take account of all the complexities involved. 

 

 

Executry is the term used to describe the administrative process involved in winding up a deceased person’s estate. Where a person dies testate i.e. with a will they will have appointed an executor or executors to be in charge of the winding up process and where a person dies intestate i.e, without a will it is necessary to have an executor appointed by the Court. In both testate and intestate cases an application for Confirmation (the Scottish equivalent of probate) will require to be made to the court to have the executor(s) confirmed to the estate which the deceased owned at his date of death. Confirmation enables the executor(s) to take title to the deceased’s estate, ingather it and thereafter distribute it. In cases where the deceased’s estate is liable for inheritance tax, arrangements for payment of that tax have to be made before Confirmation can be granted in favour of the executor(s). The administration in an executry is rarely straightforward and the onus is on the executor to get it right. We are here to help the executor attain that goal in the most professional and sensitive manner.

 

Tax planning is a topic the ambit of which goes way beyond the remit of this brief synopsis. Suffice to say that when you’ve worked hard to earn it the last thing you want to do is pay any more tax than you have to. With careful planning that can be achieved. We are here to help you and advise you in that regard.