As Will Aid Month draws to a close, we have devised 10 reasons to have a will in place. Plan for your future, make a will.
1. In Scotland, the law provides a set of rules which will apply – with certain prior rights to your spouse, legal rights to spouse and children and the remainder of the estate passing depending on your surviving family. A will would eliminate any ambiguity with regards to your beneficiaries.
2. To appoint executor/s to deal with your estate
3. To make special provision for children or those with special requirements. Under Scots law a child can inherit automatically, with no restrictions, at 16. It is common practice to delay this until say 18, 21 or 25.
4. To achieve tax planning/care cost aims.
5. To record funeral instructions.
6. To hold assets in trust for a specific purpose or specific period – e.g. a house to be held in life rent for another person to occupy rent free.
7. To make legacies to friends or charities.
8. To save costs in the long run. Without a Will there are a number of processes and costly delays which may be incurred far outweighing the cost of having a Will in place.
9. To avoid dispute and court action.
10. Above all, to avoid uncertainty about your wishes/ provide clarity on issues that matter to you.
Our legal team regularly administer and wind up the estates of individuals that have passed away. It is our aim to be caring and empathetic in our dealings with our clients. Contact us for more information.