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Murray Beith Murray LLP is a leading Scottish private client law firm.

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Milestone Moments Prompt Will Writing

Wills
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Only around half of UK adults have made a will, according to charity campaign Will Aid.

When those with a will were questioned about what prompted them to write it, one of the most common reasons given was hitting a significant birthday. In fact, 20% of those interviewed said landmark birthdays, such as turning 30, 40 or 50, were the primary reason for making their first will.

In reality, how old you are should not be a major factor in deciding whether or not you should put in place a will, says Will Aid, and having a professionally drawn up will is the best way to help ensure your wishes are met. You should never just assume that your assets will automatically pass to the people closest to you.

Key reasons for making a will include: 

  • Reassurance. A will is the best way to help ensure your savings and possessions (your estate) go to the people and causes that you care about.
  • Avoiding disputes. Disputes over wills can cause arguments among family members and may even need a solicitor to resolve them. Leaving a will should remove any doubt about how you want your estate dealt with.
  • Looking after your children. A will allows you to appoint legal guardians for your children. In addition, under Scots law, a child is entitled to inherit at the age of 16. You may feel that this is an inappropriate age. You can, using a Will, delay the payment of any inheritance until a later date
  • Your funeral. Your will can be a way to let people know whether you would prefer to be buried or cremated, and the type of funeral service and music you would like.
  • Tax efficiency. Reviewing your Will may provide an opportunity for inheritance tax planning

If you do not leave a Will you are said to have died "intestate." The distribution of your estate is then governed by the provisions of the Succession (Scotland) Act 1964. It is unlikely that the provisions of the Succession (Scotland) Act 1964 will reflect your wishes for the distribution of your estate.

The Family Law (Scotland) Act 2006 may provide a cohabitant with certain rights in the estate of their deceased cohabitant if the deceased cohabitant has not left a Will. The only way to leave a cohabitant (who is not a spouse or civil partner) a significant and certain portion of your estate is to have an appropriate Will.

Contact our Wills Lawyers Edinburgh

For expert legal advice on writing or updating your will, contact us to speak with one of our specialist will writing lawyers today. 

Source:

http://www.willaid.org.uk/latest-news/make-your-milestone-moment-count

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