Key Facts

• Your property will be divided as per the legal rules of intestacy in Scotland. Some of them may surprise you. For example, the share your husband or wife gets may not be enough to give him or her outright ownership of your home.
• If you are not married but have been living with someone, the person you are living with will probably get nothing.

• Executors are the people you appoint to carry out the instructions in the Will.
• Trustees are people appointed to look after your property and interests until, say, your children are old enough to inherit.

• Care in Scotland is not free. Average costs are £600 a week. You are entitled to £149 to £216 a week towards these costs however if you have assets over £21,500 you need to fund this difference.
• If you sign over your property to your children and continue to live in it to try and avoid long-term care costs this transaction will be ignored by the local authority and deemed depravation. In essence it does not work.
• Furthermore you have lost control of your own property.

• As at April 2008 the Nil rate band (how much that can be inherited free of IHT) is £312,000.
• This is now transferable between married couples and civil partners.
• The value of your estate above the Nil rate band is taxed at 40%.

• The cost to your family (and business where applicable) can be thousands of £’s if you become incapacitated and you do not have a POA in place.
• You will need to apply to the court, engage solicitors, attain medical certificates, survey your home, employ accountants and put the necessary insurance in place.
• A POA has nothing to do with a Will or the executors of a Will. It is only valid from the day it is registered until the day that person passes away.