Many people fail to make a Will at all, thinking that they do not need one. However, every adult over the age of 16 should make a Will and update it as their circumstances change throughout their lives. In this article, we look at why everyone needs a Will, capacity and Power of Attorney, and life events that may require you to update your Will.
Why everyone needs a Will
If you die without making a Will, no matter how small your estate, your assets will be distributed in line with the laws of intestacy. When your assets are distributed in this way, you have no say over who will inherit from your estate. If you are married, cohabiting, or have children, or have a a sizeable estate, it is even more important that you make a Will to avoid complications for your loved ones after you pass away if you don’t.
Capacity and Power of Attorney
In order to make a Will, you must have testamentary capacity. This has a specific meaning in law, but in short, you must be able to understand the legal consequences of making a Will for it to be valid. It is an uncommon but unfortunate fact that you could lose capacity at any time. If you suffer an accident or sudden onset of an illness, you may lose the ability to make a properly valid Will. Therefore, we would always recommend making a Will as soon as possible. For the same reason, we would also recommend making a Power of Attorney as part of the estate planning process.
Life events may mean you need to update your Will
There are several life events that may require you to update your Will, as these could have a significant impact on what makes up your estate or how your estate is distributed. These include:
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- Getting married or entering into a civil partnership
- Having a child and again when you have any additional children
- Getting divorced
- Cohabiting with someone you wish to provide for in your Will
- Selling your home, buying a new property or moving
- Gifting valuable possessions or significantly ‘clearing out’ your possessions
- Making a significant monetary gift
- Where you wish to leave a gift to charity, or you want to change the charity you would like to leave a gift to
- Where a beneficiary listed in your Will has passed away, or your relationship with them has changed
These are just some of the most common examples of why you may wish to update your Will, but there are, of course, countless more. We can help advise you on whether making a new Will or amending your existing Will is most appropriate to incorporate these changes.
Specialist Wills Solicitors, Edinburgh
Fraser Scott is an Associate in our Asset Protection group. He is a specialist in estate planning, and an expert in writing Wills . If this article has raised any questions or you would like to discuss preparing your Will, then get in touch by completing our contact form or calling on 0131 225 1200.
Murray Beith Murray was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim and these values continue to this day, as does our commitment to be here when you need us.