As the owners of land in Scotland, your Will should always reflect your current wishes and circumstances. Without a Will, your successors will face a period of uncertainty as the laws of intestate succession will govern what happens to the ownership of property.
Good succession planning removes any uncertainties after death and can help reduce the amount of Inheritance Tax which may be payable.
How can Thorntons help?
Our Land and Rural Business team understands rural tax issues and can tailor advice to your particular circumstances, whether in the preparation or updating of a Will or the drafting of a Trust to protect the assets.
During the review of a Will, we will also advise on any opportunities for lifetime taxation planning, perhaps to make use of Inheritance Tax reliefs, which might require the restructuring of secured borrowing or the transfer of land to other family members or to a Trust.
If you are considering a diversification project, we can advise on alternative business structures or changes in ownership to reflect your intentions and to mitigate possible future taxation implications.
When advising on Succession planning, we will also discuss with you the benefits of a Power of Attorney to ensure that your business and personal affairs can be managed in the event of incapacity.
We offer a complete service to trustees and executors through our Private Client team.