IHTM12242 - Succession: Scottish Prior and Legal rights: Example of legal rights calculations: The succession
Under Scots law, George바카라 사이트™s widow, children and grandchildren (by representation (IHTM12253) of a predeceasing child) are entitled to certain legal rights (IHTM12221) in his estate, despite the terms of his Will. Molly is not entitled to any prior rights (IHTM12211) as this is a fully testate estate that is fully disposed of by Will.
Legal rights are due only from George바카라 사이트™s own estate and specifically from his moveable estate (IHTM12225). The extent of George바카라 사이트™s moveable estate determines the level of the legal rights entitlement of his widow, children and grandchildren and these rights, if claimed, are payable from that free moveable estate. Any legal rights claims have to be settled before the cash legacy and the residuary bequest.
George바카라 사이트™s life interest in his father바카라 사이트™s trust has no relevance in the calculation of the legal rights바카라 사이트™ entitlement. But, the existence of this interest and the manner in which the trust capital is due to be distributed following George바카라 사이트™s death, perhaps helps us to understand why George has drawn up his Will in this way. This may also help explain the actions of the respective family members in dealing with their entitlement to claim legal rights.
Neither has George바카라 사이트™s interest in 바카라 사이트˜the Husband바카라 사이트™s Fund바카라 사이트™ of the marriage settlement any relevance in the calculation of legal rights. But, it is worth noting that an ante nuptial marriage contract deed sometimes contains a provision, by the couple about to marry (in this instance George and Molly), specifying how their prospective legal rights in each other바카라 사이트™s estates are to be dealt with on the death of either of them.
So the estate subject to any legal rights claims is George바카라 사이트™s moveable estate valued at £2,400,000 - on the basis that the value used here is the value for Inheritance Tax.