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I am in a business partnership If you are 1) in a Scots partnership and 2) that partnership owns heritable property then, since a share of a partnership is moveable property that heritable property is treated as moveable for the purposes of inheritance.
For example, a widowed farmer has a son and 2 daughters. He is in a farming partnership with his son - the partnership owns the farm. In his Will he leaves his share in the farm to his son. Unfortunately, the daughters claim their share in the partnership and the son has to sell up in order to pay them out. Had the farm not been part of the partnership assets
For what children can claim where there is a Will see Children's legal rights.
My assets exceed the Inheritance tax limit (£234,000)
It is payable at the rate of 40%.
As a simple example, if you leave £300,000 tax of £26,400 is payable. (£300,000 - £234,000 = £66,000 x 40% = £26,400)
As with most tax matters it is often more complicated than that and there are ways to avoid this situation. It would be wise to see a Solicitor in order to discuss how to avoid the tax man getting his hands on your money!
I own assets outside Scotland If you have already made a will abroad and we make no reference to it in this will then it is quite possible that the foreign will would be deemed to be superseded by this one and of no worth.
To avoid this we can insert a clause to say that this will only relates to the property you own in Scotland.
Note. This area can be very complicated and very much outside the scope of a simple Will. There may also be taxation implications. Even if you make a will now it is very much in your interests to see a lawyer with experience in this area.
I wish to have a Solicitor/client relationship This is, for instance, to avoid the situation of a person, up to no good, having a Will prepared for someone else and forcing them to sign it. Or of a child preparing a Will for their aged and mentally impaired parent and thus cutting out his or her brothers and sisters.
We would love to be able to offer a Solicitor's service but regrettably this is not proving to be possible over the Web.
A Scottish partnership is a separate legal person and can own property.
Tax is payable on your Estate when you die on the excess over £234,000.
What happens to your property abroad when you die depends on the law of that country and we would recommend that you make a will there to cover the foreign property.
We cannot offer this for the simple reason that Solicitors are required by the Law Society of Scotland to have personal contact with their client.
