Wills and Succession
Nearly two out of three Scots die without making a Will. This means that they leave their hard earned possessions to the mercy of rules made by people who have no knowledge of their wishes or circumstances. Many millions of pounds go to the Government each year, either because people have not made a Will or because they did not know how to avoid Inheritance Tax.
It does not have to be this way. Here are ten reasons why every adult should have an up to-date Will. Making a Will is not a chore to be put off for as long as possible. It is sensible to make a Will early in life and look at it regularly.
- Peace of mind and security
Most of us worry about how those who are dearest to us would manage if we were not there to provide for them. As life goes on and responsibilities develop, questions such as ‘who gets what, and when’ become more important. By making a Will you can take away these worries and uncertainties. A Will gives your family the security of knowing they have been provided for and gives you peace of mind because you know everything is in order. - Children
It is not very pleasant to think about what would happen if both you and your partner died in an accident. No one likes to think it will happen to them, but it could. Who would look after your children? How are your children and those who care for them to have access to money from your estate? If you don’t appoint a guardian, or don’t make a Will at all, a court may in the end have to decide who gets custody of your children (this may not be one of your family). You owe it to your family not to add uncertainty to the pain of bereavement. - 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. You may want to provide for someone with special needs or want someone to benefit only at a certain age or on a specific event.
It may also be equally important to you that someone does not benefit from your estate when you die. You will need to consider what rights members of your family have to your estate if you leave them nothing in your Will. - Executors, trustees and guardians and their powers
These are the people who make sure that the wishes in your Will are carried out. Your partner can act as your executor, but it is often helpful for another relative, friend or a professional person to act with them.
The law sets out what trustees can do. In writing your Will, you can, if you wish, give wider powers, to allow your trustees more flexibility in dealing with your estate. You can give them the power to invest money and to 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. - Homemade Wills
It is possible to make your own Will, but in our experience they often do not achieve what the person wanted. This is sometimes because the legal formalities for having it signed and witnessed were not observed, or because some assets have been overlooked and not disposed of, or even because the person making the Will didn’t express themselves clearly.
Don’t leave things to chance. One of our solicitors will talk through everything with you and put on paper exactly what you want to happen. - No Will
How often have you heard someone say, “I don’t need a Will, it’ll all go to my wife 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 – for example, a wife may die before her husband. The rights of stepchildren, or a second wife or husband, or the children of the first marriage also need to be taken into account. What are the rights of your partner if you are not married? What if you have no family at all? In the end everything could go to the Government. Recent changes to the law affecting civil partners and cohabitees mean there are even more potential problems if you die without a Will.
If you die without making a Will the law of intestacy will apply. This law can be very insensitive and could mean your belongings end up with people who you would rather did not benefit at all. You can avoid this by making a Will now. - 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 should cost you little more than the price of an evening at your favourite restaurant. - 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. For instance, when you or a member of your family gets married, enters a civil partnership, or when grandchildren are born. Out-of-date Wills are often entirely unsuitable. - Tax
If you have more than £325,000 to leave, Inheritance Tax may have to be paid on the extra at the rate of 40%. However, with good advice and planning, you can cut your tax bill or even avoid paying altogether. One of our solicitors will be happy to look at your situation to see how you can cut the amount of tax you pay for the benefit of your family. - Law
Many people think they know the law as it applies to their property when they die. Unfortunately many of these views are seriously misinformed. For example, some people 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. Their welfare needs an accurate and up-to-date understanding of the law as it is today. We have this understanding.
For more detailed information about Wills and Succession please contact Frank Fletcher, Tom Monteith or Pamela Niven directly by phone, fax or e-mail.
For more information you should look at the Frequently Asked Questions and Links section of this website.
