Wills
This article appeared in the Mearns Press in September 2007.
Figures show that nearly 2 out of 3 Scots die without making a Will. Elspeth Talbot highlights the Top 10 reasons why every adult should have an up-to-date Will.
1. Peace Of Mind
Most of us worry about how those who are dearest to us would manage if we were not here to provide for them. By making a Will, you take away these worries and uncertainties. A Will gives you and your family the security of knowing everything is in order.
2. Children
It is not very pleasant to think about what would happen if both you and your partner died in an accident. Who would look after your children? If you don’t appoint a guardian or don’t make a will at all, a Court may have to decide who gets custody of your children (this may not be one of your family).
3. Beneficiaries
Who you remember in your Will is entirely up to you. You may want to leave money to charities or other organisations as well as relatives and friends. It may be equally important to you that someone does not benefit from your estate when you die.
4. Executors, Trustees and Guardians and their powers.
These are the people who make sure that the wishes in your Will are carried out. In writing your Will, you can, if you wish, give wider powers to allow more flexibility, eg to invest money and pay money for the benefit of young children or those with disabilities or special needs. If you have your own business, the powers of your Trustees may be vital in keeping it going.
5. Homemade Wills
It is possible to make your own Will, but they often do not achieve what the person wanted. This is sometimes because of legal formalities have not been adhered to, or even because the person making the Will didn’t express themselves clearly. Don’t leave things to chance.
6. No Will
How often have you heard, someone say I don’t need a Will, it’ll go to my spouse anyway? Most people don’t know what will happen if they don’t have a Will, or if events don’t turn out as they expect. The rights of stepchildren, or a second wife or husband, or the children of a first marriage also need to be taken into account. If you die without making a Will, the law of intestacy will apply. This law can be very insensitive and could mean all your belongings ends up with people who you would rather did not benefit at all.
7. Inexpensive
One of the biggest myths of all is that making a Will takes lots of time, energy and money. In reality, all it takes is an hour or so of your time and normally costs you little more than the price of an evening at your favourite restaurant.
8. Alterations
It is important to make a Will, but it is equally important that you look at your Will regularly to reflect changes in your own and your family’s circumstances. Out of date Wills are often entirely unsuitable.
9. Taxes
If you have more than £300,000 (2007-2008) to leave, Inheritance Tax may have to be paid on the extra at a rate of 40%. However with good advice and planning, you can cut your tax bill or even avoid paying altogether.
10. Law
Many people have seriously misinformed views about the Law. Some people still believe that, in the absence of their husband or wife, everything will go to their eldest son. (This only ever applied to houses and land, and has not been the case since 1964.) Don’t leave your loved ones at the mercy of a ‘law’ half remembered from newspaper articles.
If you would like help making or updating your Will, please talk to Frank Fletcher, Tom Monteith or Pamela Niven or your usual Bird Semple contact.
Article compiled by Elspeth Talbot
Posted by Sharon Clift on Sep 12, 2007
