IHTM12241 - Succession: Scottish Prior and Legal rights: Example of legal rights calculations: The facts
George Black, a farmer, died on 18 August 2001, aged 64, domiciled in Scotland. He was survived by:
- Molly his widow
- Joan Stepdaughter over 18
- Mary natural daughter over 18
- John natural son over 18
- Jack Grandson aged 8} Child of legally adopted son James who died before George
- Jill Granddaughter聽aged 6} Child of legally adopted son James who died before George
Henry, a natural (but illegitimate) son over 18, also predeceased George. He left no children (or grandchildren).
George had made a cash gift of 拢150,000 to John in 1995. George바카라 사이트檚 estate consisted of:
- Moveable estate Value 拢2,400,000
- Heritable estate Value 拢3,000.000
- Total value 拢5,400,000
He left a Will. Subject to the payment of a cash legacy of 拢100,000 (free of tax) to Joan, he directed that the entire residue of his estate was to be divided equally between Molly and his younger brother, Robert, who also survived him.
At his death, George had a life interest (interest in possession) in his late father바카라 사이트檚 trust. The trust fund was valued at 拢2,500,000. Under the trust provisions, children Mary and John were each entitled absolutely to a one half share of the trust capital on George바카라 사이트檚 death.
He had also been entitled, up until his death, to a life interest in a fund 바카라 사이트榯he Husband바카라 사이트檚 Fund바카라 사이트�, valued at 拢1,000,000, settled by him under an ante-nuptial marriage contract drawn up between him and Molly before their marriage. Under the terms of this settlement, Molly became entitled to a life interest in 바카라 사이트榯he Husband바카라 사이트檚 Fund바카라 사이트� with effect from George바카라 사이트檚 death.