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Private Client
Today, private clients require advisors able to ensure that their wealth can be protected and their wishes implemented notwithstanding the many significant changes to the law over the past few years.
Given the strength of the UK economy and property market in recent years, many people now require to consider planning, not just for income tax but also to minimise capital gains tax and inheritance tax. Trusts have been commonly used to preserve assets and reduce exposure to inheritance tax but the trust taxation regime has been revolutionised as part of what many consider to be a concerted effort by the Government to deter people from using trusts. These changes have also had a big impact on will drafting and it has often been necessary to reconsider the terms of a will to ensure that it is still suitable for purpose.
Turning away from taxation, the law in relation to incapable adults has also seen vast changes over the course of the past decade. During our lives we are all likely to be affected by a lack of capacity to make decisions, either personally, or because someone close to us is unable to make decisions for themselves. The Adults with Incapacity (Scotland) Act 2000, the Adult Support and Protection (Scotland) Act 2007 and the Mental Capacity Act 2005 (applicable to England and Wales) have revolutionised this area of law. It is important to plan for a possible loss of capacity to ensure that your financial affairs and personal welfare are always managed as you wish.
Even succession laws in Scotland are under review by the Scottish Law Commission and possible changes in this area may well restrict testamentary freedom. In the meantime, the administration of an estate remains a daunting task for a family member or friend.
In this tempestuous area, it is essential to have lawyers who understand how best to ensure that your wishes are met and can work proactively with you.
Contact
More Information
Edinburgh
DL:+44 (0)131 473 5284
F:+44 (0)131 228 1222
- Charities
- Private Client