Many people believe that they do not need to put a Will in place – often because they are married and think everything will automatically fall to the survivor or because they simple do not think they have sufficient assets to do so. Others may simply prefer to bury their head in the sand about this topic.
Whilst it isn’t the easiest of subjects to think about, with careful planning and consideration of your estate and personal circumstances, you could save your loved ones unnecessary costs, time and tough decisions by putting in place a Will.
Here are 10 compelling reasons why making a Will is essential:
1. To provide for your loved ones.
If you die without a valid Will, Scots law will decide who inherits your money and other assets, using rigid rules which are often out of date in a modern society. These rules are known as the laws of intestacy and may not suit your own family circumstances. For example, your spouse may be left with less than you wanted or other family members, who you would not wish to, could be entitled to some inheritance.
2. To prevent people missing out.
Under Scots law, a relatively narrow set of people will inherit if you die without a Will (known as being ‘intestate’). For example, there’d be no provision for friends, stepchildren, godchildren, or charities.
3. To reduce stress, cost, delays and paperwork.
Dying intestate means your family will likely face much more laborious and costly legal processes (and even legal disputes) to inherit your estate. It won’t be the most welcome of legacies!
4. To get professional advice on the ‘legal rights’ of various relatives.
Spouses and children have certain rights to inherit (even if you make a Will). These are known as ‘Legal Rights’ and are unique to the laws of Scotland. It’s important to understand how these apply, which assets and relatives they apply to, and how you can manage this to suit everyone.
5. To avoid nasty surprises.
Without a Will in place (or by preparing a DIY or online Will yourself), you could land your loved ones with any number of unanticipated surprises – from unexpected tax bills to financial hardship, or even surprise legal claims. This could add to the stress of an already difficult time for your loved ones.
6. To manage your tax affairs better.
With good legal advice and a carefully drafted Will, you may be able to minimise or reduce your estate’s liability for inheritance tax after your death.
7. To do the right thing for children.
Appointing Guardians for your children if you die before they reach 16 is commonly (and easily) included in a Will. Without one, this must be done via the Court, creating extra costs, time and uncertainty.
8. To appoint people you trust to administer your estate.
An important decision when making your Will is who you wish to appoint as your Executors, the people who will administer your estate when you die. Without a Will, the Court will appoint someone to be your Executor, for example, a relative or a friend. This may not be someone who you would have appointed yourself to deal with your estate. If the court appoint someone to be your Executor, there will be a requirement to obtain an insurance document, called a Bond of Caution. This is essentially an insurance policy which protects the beneficiaries by ensuring that the estate is distributed correctly.
9. To look after a partner.
Dying without a Will could see your partner left without any automatic share of your estate if you’re not married. To inherit anything, or even carry on living in a shared home, they may have to claim against your family in court.
10. To protect against opportunists.
A partner or cohabitee could use the vacuum left by your intestacy to claim a share of your estate – when you never intended them to inherit. This could subject your family to a court case and reduce the share available to your children or others.
With appropriate professional advice and guidance, your Will is the effective expression of how you would like your estate to be dealt with after death and, importantly, who you intend to benefit.
By putting in place a Will, you can decide (as far as possible) what will happen to your estate, rather than the laws of intestacy governing this for you.
It’s a vital step to safeguard those you care about and avoid potential legal complications in the future.
