Fergusson Law

What is a Notary Public The Law Society of Scotland states: "Historically, the notary public in Scotland has performed an important function in the legal life of the country. From the 13th Century, the notary developed distinct from the lawyers branch of the profession but in comparatively recent times these functions have enjoyed a resurgence. The influence of the Civil or Roman Law on Scotland is clear in this separate development of the notary public in Scotland. In many other jurisdictions, the distinction remains today. In England, for example, the profession of notary remains separate from that of Solicitor and although many notaries in England are also Solicitors not all are, and there are firms comprising notaries only. Notaries public play an important legal role in Scottish life where the legal validity of a document requires the swearing of an oath. Only solicitors/notaries in possession of a practising certificate can act as notaries in Scotland". N...

What is a Trust? Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance taxes. Why should you set up a Trust? Setting up a trust can help to protect your assets and save tax at the same time. For example, you might want to give your grandchild a lump sum, but not want her to spend it on the wrong things. By putting the money in trust, you can be sure that your grandchild will benefit from the money. Your appointed Trustees will manage the funds so that they are spent in line with your wishes. You could also benefit from a tax saving. How do you set up a Trust? A private client solicitor can set up and administer a trust. They will provide expert legal advice on what needs to be done to protect your assets and reduce inheritance tax. If you die within 7 years of establishing a tru...

DYING INTESTATE Do you have a Will? If you die without making a will , your estate may not be distributed in the way you would have intended, and it might cause real problems for your family. The issue is of particular concern to buy-to-let investors, who own flats and houses in addition to their family home. If you do not have a Will in Scotland , your estate is divided according to the rules of intestacy. FIRSTLY, IF THERE IS A SURVIVING SPOUSE THEY GET PRIOR RIGHTS. The family home (if they live there) up to a value of £473,000 Contents (if they live there) up to a value of £29,000 Cash - £50,000 if there are children, £89,000 if there are none. IF THERE ARE MOVEABLE ASSETS LEFT AFTER PRIOR RIGHTS, LEGAL RIGHTS APPLY These only apply to moveable assets – that is everything except houses, flats and land. Surviving spouse and children: spouse gets 1/3 rd  of moveable assets, children between them share 1/3 rd  of moveable assets. Final 1/3 of moveable a...

WHAT IS A BLOODLINE WILL? Many of you will have heard about or seen TV advertisements for, so-called Bloodline Wills. Solicitors write Bloodline Wills for their clients with the aim of keeping their estate in the family. The theme is that you want your estate to go to your immediate family whom you know, with no risk of it being diverted to your daughter’s ex-boyfriends, people whom your children owe money to, or future step-parents, and so on. Your grandchildren could be specifically named in your Will but end up with nothing at all. It is even possible that your wishes could be bypassed if you own a buy-to-let property as well as a family home. There is nothing new about making your directions clear in your Will except that modern cohabiting relationships can create unexpected legal consequences. You might think your existing Will provides protection for your family assets but it is likely that your grandchildren will only inherit if their mother or father dies before them...

5 Steps To Buying A Property in Scotland Buying a home, whether it is your first time or your 10th time should be exciting. One way to remove some of the stress of buying a property is to be organised and understand the process you need to follow. Work out your budget. Arrange a mortgage if required. Choose a solicitor. Find your perfect home. Buy a property and complete the transaction. Budget For Your Home There are always some amazing properties for sale in Scotland and it is easy to get drawn into looking at homes that are outwith our budget. If you are serious about buying a property the best place to start is to work out your maximum budget before looking. Total your savings to the mortgage value you will be allowed to borrow based on your salary and commitments. Before speaking with a mortgage adviser there are online tools that will give you an estimation of the amount you can borrow. From this total amount you will need to save some for fees and expenses: S...

How To Plan For Your Future By the year 2040 one in 12 of us in the UK will be aged over 80.  Currently, approximately 20% of the Scottish population is of retirement age.  Many of those people are still extremely fit and active and are enjoying their retirement to the full. We all wish to have a long and healthy retirement, however, we believe it makes sense to plan for your future especially whilst you are in a position to make the best decisions for yourself. Everybody should put in place plans for future care, and legal protection to look after their affairs. Power of Attorney This is a very useful legal tool which everyone should consider putting in place. By making a Lasting Power of Attorney , you are able to choose who will have the legal authority to manage your affairs and speak on your behalf, if in the future, you lose the capacity to do so because of physical illness, frailty or mental health issues. Family Trust It is a comfort to know that ...

A Will Makes Your Family Legally Safe None of us likes to think about death, especially our own death or that of someone close to you, whether family or friend. However, having a Will in place if the worst does happen can help your immediate family immensely. Should you die intestate, that is without a Will, your estate will be distributed following the rules of your country's laws. For the majority of cases, your Estate will be passed onto your next of kin. Your Estate is made up of any assets owned by you minus any liabilities eg loans or debts to be paid. A person's Estate can amount to a few belongings such as jewellery and a little savings, or can be vast and include many assets such as property , land, shares, savings and cars. Dying Intestate in Scotland Without writing a Will can you be sure the correct people will receive your Estate? For instance, if you are living with a partner but are not married, they may not be entitled to your home without it being ...