Making a Will
If you do not have a Will, you have no say over what happens to your assets when you die and this can cause difficulties for your loved ones. We strongly advise having a solicitor draw your Will to ensure it is a properly binding legal document, especially if you own a property, are married or in a civil partnership.
Making a Will in Scotland
Creating a Will is one of the most important decisions you can make. It gives you the opportunity to set out who you would like to leave your assets to upon death, and how your assets should be distributed. Making a Will is the only way that you can ensure your wishes are heard, and to allow your family and those closest to you, to receive the assets that you would like them to have.
Without a Will
Without a Will in Scotland, Scots Law will dictate how your assets will be distributed and there is the potential for additional costs and uncertainty during what will be a very difficult time for those around you.
When Making a Will
When making a Will you should consider who will be the Executors (individuals you appoint to deal with winding up your estate) and how you want your assets to be divided. It is a good idea to pull together information about all of the assets for this purpose. Assets can include: property, investments, bank and savings accounts, and cash. You might also own property out with Scotland.
You can also make specific gifts of sums of money, or particular possessions to individuals or charities within your Will. A Will can also mention wishes you may have when it comes to your own funeral arrangements. If you have children under the age of 16, it is also possible to list individuals in your Will of whom you would like to suggest as guardians to look after your children, for such an eventuality.
Writing a Will in Scotland
In order to be valid in Scotland, a Will has to be in a specific written format and it must be signed on each page by the individual making the Will. It also has to be signed in the presence of a witness.
We can help advise you on all of the above and provide assistance with Inheritance Tax planning.
If you already have a Will, it is always a good idea to review it every few years and particularly when your circumstances change, for example, if you get married or have a child.
Plan for the future with Watermans Legal and get in touch to change your Will today.
Examples of a Will’s Importance:
- Mrs L is retired and her husband passed away a few years ago. She has three grown-up children. Her husband had a Will and left his assets to Mrs L, therefore as a result the value of her assets are substantial.
- It is important for Mrs L to create a Will to ensure that she can leave her assets to her children, and so that she can also make provisions for her grandchildren. Inheritance tax planning is also going to be important for Mrs L given the value of her assets inherited by her husband.
- John and Sophie are in a relationship and live together, however, they are not married. They are both divorced and have both previously been married. John and Sophie both have their own children from their previous marriages. It is crucial that they both make a Will to ensure that they can leave their assets to one another and their respective children. Without making Wills, because John and Sophie are not married, they will not automatically receive assets from each other’s estates under Scots Law.
Free Will Writing Service
We can offer a free Will writing service in return for a donation to charity. For more information, please see www.willaid.org.uk during November and www.nationalfreewills.net, which provides a similar service every September.
Plan for the future and book a free Will consultation with Watermans Legal today.
Wills & Executries
Call our Wills and Power of Attorney Solicitors today on 0131 467 5566 or get in touch with us via our online enquiry form below.