Our Private Client team can give you specialist advice on all aspects relating to Succession Planning
By making proper provision for your family, you ensure your loved ones are secure and taken care of – whatever happens. Here at The McKinstry Company, we can guide you through the issues involved in succession planning.
We pride ourselves on being a law firm for life, able to adapt with you and your family’s needs. This is particularly helpful if you are planning how your finances and estate will be distributed after your death. It is important that you take the time to carefully consider your succession planning options, to ensure that we find the right fit for you.
Below we outline some of the key considerations to keep in mind when succession planning. However, we are always happy to discuss with you – give us a call today on 01292 281711 or complete our online contact form and our team will be delighted to assist.
Experienced Succession Planning Solicitors in Ayrshire & Dumfries and Galloway
You need to think about succession to your estate. If you don’t, the law of succession in Scotland will determine what is to happen to your assets. The legal position may not necessarily be what you want to happen.
For anyone who is succession planning, it is crucial that they review their estate and have a clear understanding of who is to inherit particular assets. This will be particular to you and your circumstances, but we can offer advice on how assets are commonly managed.
Creating a Will
One of the most significant succession planning decisions you can make is to write a Will. A Will allows you to clearly set out how you want your estate to be dealt with upon your death. You can leave certain assets to named individuals, as well as indicate your preferences in relation to your funeral arrangements, for example. Having a Will in place gives you certainty that your wishes are respected when you are no longer around and will help your family in dealing with the administration of your estate on death.
Setting up a Trust
Another important consideration for you may be protecting assets for future generations. Trusts can be an excellent vehicle for ensuring that you set aside specific assets for your children and grandchildren. Money can be used for specific trust purposes – such as schooling. It is important to consider the tax implications of any trust arrangement, as well as how it will be managed when you are no longer here. We can offer guidance on each the benefits of setting up a trust and assist with any issues that may arise.
Family Business Succession Planning
Another key consideration when estate planning may be how a family business is dealt with when you are no longer here. It is important to have these discussions with your family to consider several things, such as whether the business will be sold, who will inherit the asset or who is to be involved. Again, we can assist you in understanding what would be involved in transitioning the business when you are no longer involved.
Get in Touch
At The McKinstry Company, we put our clients at the heart of our work. We understand the need to carefully plan how your assets will be dealt with after your death, and we are here to support you.
Our goal is to generate and maintain strong and lasting client relationships rather than a transactional approach to the work which we undertake. We are a law firm for life and will work with you to ensure that you receive the best possible legal advice.
If you want to learn more about succession planning get in touch today. You can contact us on 01292 281711 or via our online contact form. Our friendly and dedicated team are here to help you.
The service was superb. Kirsty and team were extremely helpful.Mr and Mrs R, Ayr
First class service from start till finish. Always there to give help and advice.Mr R, Ayr
Great service and advice from a good professional company.Mr R, Kilmarnock
Excellent, very friendly and professional. I will be using you for all my property transactions in the future!Mrs S, Godstone
My case was handled sensitively and smoothly.Mr N, Ayr
Everyone concerned in the sale of our property was very efficient and kept us up to date with all happenings.D Ferguy, Cookstown
Great service. Would recommend you to others.Mr S, Kirkmichael
Communication was always available when required. Made me feel confident throughout the process.Mr L, Ayr
Always replied or phoned back when I needed my questions answered.Miss McF, Patna
A very prompt and friendly service, a pleasure to deal with.Mr R, Aberdeen
Robert was very supportive.M Carruthers, Kilmarnock.
Great, Rebecca was very pleasant to deal with and went out of her way to help with our caseS Everett, Kilbarchan
The solicitor / paralegal I was dealing with was very professional and performed to a high standard. I was very impressed.B Ferguson, Methil
Local firm, word of mouth good reports.K Rooney, Glasgow
All queries were dealt with in a prompt and professional manner and I was kept informed of progress as events developed. Thank you very much for making a difficult situation much easier to deal with.Mrs McG, Ayr
Communication via telephone and email was regular, prompt and comprehensive. All queries and questions were answered with no delays or problems. My experience with the McKinstry Company was pleasant and smooth.Mr McK, Ayr
My family and I received excellent service from everyone with whom we had contact. The service was of the highest standard and, as I have in the past, I will continue to recommend the company to anyone seeking legal assistance.Mrs S, Ayr
All emails and calls were dealt with promptly. Very impressed. Very very pleased with service.Mr and Mrs H, Hull
I enjoy the friendly atmosphere. Very professional.Mrs A, Ayr
Mr Honeyman was very professional and knowledgeable which made us feel reassured. Very happy with the service and if I needed a solicitor again I would get in touch.Mr B, Ardrossan
Prompt quick efficient communication.Mrs K, Cumnock
Ease of making appointments and timescale for completion of business all good.Mr & Mrs T, Maybole
Gave reassurance and comfort at a stressful time. I felt ten times better after our first meeting and support provided ultimately exceeded my desired outcome.Mr N, Saltcoats
The supportive way that the advice was provided along with the willingness to fit appointments in with our requirementsMr R, Ayr
The whole process was handled with upmost professionalism throughout.Mr McN, Kilwinning