Updating A Will, Scotland

A Will is a legal document. The individual who has passed away will have their estate distributed to their designated beneficiaries, in accordance with their legal rights outlined in the deed.

Without a valid Will, the law decides who inherits. With a Will, you decide. Without a Will, it will usually take longer and cost more to wind up your estate.

The specifics outlined in the Will offer clear details regarding funeral arrangements and other desired requests.

Making a Will is the only way to guarantee any certainty about who will inherit from your estate when you pass away for example close family members. It is important that everyone makes a Will but is particularly important if you are cohabitees and as there are no guaranteed fall back provisions in place for each other if you don’t.

It is also important to ensure that you have an up to date Will which reflects your current wishes. Cohabitees can only make a claim on a deceased cohabitant’s estate is there is no Will. This means if there was the unfortunate situation where someone had an old Will, which was made prior to meeting and living with their cohabiting partner, and they never got round to changing it, there is nothing that can be done. The surviving cohabiting partner will inherit nothing and they cannot make a claim.

Yes, your Will should be reviewed and updated when a person goes through a divorce or separating to ensure your assets are left to the people you intend and can be administered as per your wishes when you pass away. Updating your Will should give you the peace of mind that your loved ones (i.e. a family member) are provided for and the process of dealing with your estate when you pass away is as straightforward as it can be.  

A lasting power of attorney grants someone the legal authority to handle another person’s affairs if they are unable to make their own decisions. Please see below some examples of when someone might need a power of attorney:

• if they have a physically or mental disability
• if they have lost the mental capacity to communicate effectively
• if they are underage                                         

However, they may only need to make decisions on a temporary measure, for example if the person is going into hospital their power of attorney will be able to help with their everyday financial affairs.

Mental capacity is when an individual can make their own choices and understand what might happen because of their choices. However, when someone doesn’t have mental capacity, they can’t make decisions or understand the results.

It’s never too early to start thinking about creating a will. As soon as you have assets or dependents, it’s a good time to plan your estate and ensure your loved ones are protected.

If you pass away without a will, your estate will be subject to the laws of intestacy. This means your assets will be distributed according to a predetermined legal formula, which may not align with your preferences, and can result in increased taxes, delays, and potential conflicts among your loved ones.

Yes, you can change your will after it has been written. It’s important to update your will when significant life events occur, such as marriage, divorce, the birth of a child, or acquiring new assets. To make changes, you can either create a codicil (an amendment to your existing will) or draft a new will altogether.

It’s recommended to review your will every three to five years, or whenever you experience a significant life event. Regularly reviewing your will ensures it remains up-to-date and accurately reflects your current wishes and circumstances.