10 Reasons to make a Will in Scotland

December 27, 2022  By Cameron McColl 

Embarking on the journey of creating a will is a crucial step to ensure the well-being of your family and avoid potential disputes in the future. Our dedicated team of Estate Planning solicitors and consultants is here to assist you in crafting a clear and concise Will that guarantees your wishes are respected.

Every adult deserves the peace of mind that comes with having a Will in place. Without one, you leave the distribution of your assets to the mercy of the law, which may not align with your true intentions and final wishes.

This oversight could lead to prolonged disputes among your loved ones, delaying the settlement of your estate and increasing probate costs.

Surprisingly, according to unbiased.co.uk, about 60% of UK adults have yet to secure their legacy with a legally valid Will, leaving their families vulnerable to unnecessary stress and complications at an already difficult time.

Don’t let this be your story—let us help you shape a secure legacy for your loved ones today.

A Will, also known as a last Will and testament, is a legally binding document that outlines a person’s final wishes regarding the distribution of their assets and the care of any dependents after their death.

In the following blog we will discuss the top 10 reasons to make a will.

Reasons to make a will

You decide what happens with your estate when you die

It may seem obvious, but not everyone realises the implications of dying without having left a legally drafted Will.

Your assets will be distributed in accordance with the rules of intestacy and your loved ones may be prevented from inheriting from your estate.

By leaving a well prepared Will you get to decide precisely how your assets are to be distributed upon your death and ensure your final wishes are met.

You determine who will manage your estate

When you write a Will, not only do you choose what happens to your estate, but you get to choose who manages your estate- this person is called your “executor”.

Being an executor is an important job, so you should choose someone you trust to carry out the wishes of your Will. People often chose family or named friends to carry out this duty.

Your executor will have the responsibility for things like closing your bank and physical goods. This may include liquidating any assets that you may have.

If you don’t choose an executor, there is a risk that the court will choose one for you. This may not be the person who you hoped it to be.

You can provide instructions for your funeral

Although leaving funeral instructions does not make the executor legally bound, you can lessen the stress and burden on your loved ones by giving them guidance on how you would like this to take place.

You can name a funeral executor to manage the process, make specific requests for your final resting place and give suggestions of the location.

You can support a charity

It is very common for people to leave a legacy in their Will to support a cause that would otherwise not have taken place if the estate followed the rules of intestacy.

You can list charities in your Will and as long as sufficiently defined, your executor will have a duty to carry out this legacy.

You can minimise family disputes

Unfortunately, the distribution of an estate often causes tension and dispute among loved ones in an already challenging time.

Minimising disputes is one of the main reasons for writing a Will. With a Will drafted clearly and coherently, family members and loved ones will be able to see exactly who you intended to benefit from your estate.

You can look out for your partner

Due to the somewhat traditional viewpoint of the rules of intestacy, there are no provisions for even the most long-standing of partners to automatically inherit from your estate.

If you are not married or in a civil partnership, your partner will be entitled to nothing.

Through drafting a Will, your true wishes can be followed despite other certain legalities (e.g. marriage) not taking place in your lifetime.

You can choose who you want to disinherit

Through the ordinary rules of intestacy, an individual who you would not want to inherit may be entitled to inherit from your estate. By drafting a clear Will, you can carefully choose exactly who is to inherit from your estate to prevent this falling to certain individuals.

You can make it straightforward for your family members in relation to specific items

Where there is no Will, it can often causes family disputes over who is entitled to inherit from more specific items you own- for instance, a watch or a jewellery box.

You can draft a Will to leave no room for error here and make it clear for your loved ones who is to receive such specific items. A clear and concise Will can help minimise disputes.

You can attempt to predict the unpredictable

When writing a Will, not only do you get to choose a loved one to inherit from your estate, but you get to choose who is to inherit from your estate if this loved one predecease you.

This way, your estate will not fall into intestacy and your legacy can be left to the person you thought should be next in line.

You can minimise inheritance tax due on your death

There are certain ways in which you can ensure that the maximum amount possible of your estate goes to your loved ones and is not paid in tax.

For instance, where your estate is left to your spouse, this will be entirely free of inheritance tax.

This does not apply however to all family members, so it may be a good idea to take advice for inheritance tax planning purposes.

FAQs

What is Intestacy ?

Intestacy refers to the condition of an individual who may die without having made a legal Will or one that does not effectively dispose of all of their assets. When someone passes away intestate, the distribution of their estate is typically governed by the laws of intestacy, which vary by jurisdiction.

In the absence of a will, the laws of intestacy outline how the deceased person’s assets will be distributed among their heirs. The order of inheritance is usually determined by legal statutes and may involve spouses, children, parents, or other close relatives, depending on the specific laws in place.

The term “intestacy” and the laws associated with it are designed to provide a structured and fair process for distributing the assets of a deceased person when there is no clear instruction from a will. However, this distribution may not align with the individual’s preferences, and the process can be more complex than if a valid will had been in place.

To avoid intestacy and ensure that your assets are distributed according to your wishes, it is recommended to create a well-thought-out and legally binding Will with the assistance of legal professionals.

When should i create a Will?

Creating a will is an essential aspect of responsible financial and estate planning. While the specific timing can vary based on individual circumstances, here are some general guidelines on when a Will should be created:

Adults: As soon as an individual reaches the age of majority, which is typically 18 years old, they should consider creating a will. Adult responsibilities, such as owning property or having dependents, may necessitate the need for a will.

Life Changes: Certain life events often trigger the need for a will. These include getting married, having children, purchasing property, or starting a business. Any significant change in personal or financial circumstances should prompt a review or creation of a will.

Parenthood: If you become a parent, it’s crucial to create a will to designate a guardian for your minor children. This ensures that someone you trust will take care of them in the event of your death.

Property Ownership: Acquiring valuable assets, such as a home or significant investments, is a good indicator that you should create or update your will to address the distribution of these assets.

Health Concerns: If you’re facing health issues or a terminal illness, it becomes even more urgent to have a will in place. This allows you to specify your healthcare preferences and ensure your assets are distributed according to your wishes.

Retirement: As individuals approach retirement age, they may want to revisit and update their will to reflect changes in their financial situation, assets, and any adjustments in their estate planning goals.

Changes in Relationships: Events such as marriage, divorce, or the death of a spouse can significantly impact your estate planning needs. It’s important to update your will to reflect these changes to ensure you are prepared for your future financially.

Regular Review: Even in the absence of major life events, it’s advisable to review and update your Will periodically, especially if there are changes in your financial situation or family structure. You should ensure your new will is update and marks these changes from a previous will.

Don’t wait another day to plan your legacy.

Reach out to us today and take the first step towards to creating your professionally drafted Will ensuring your loved ones are protected.

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As experts in the field, our team of dedicated Will lawyers have successfully prepared thousands of wills for clients all over the UK. Our experience and dedication to your satisfaction make us the ideal choice for securing your family’s future.