No one wants to think about death or disaster when they’re celebrating a house purchase. But since it’s probably the biggest financial commitment you’ve ever made, you need to consider what would happen if you died.
Avoid unforeseen consequences
Scotland has rigid laws about who inherits your property if you die without a Will (intestate), and those laws can have unforeseen consequences. If you’ve recently bought your own home, or family members have just done so, this is something you need to think about.
The following are some of the risks you run if you own a property and die without a Will:
- Cohabitees don’t have an automatic right to inherit, unlike spouses and civil partners. Depending on your title deeds, they may only be entitled to a partial share of the property or no share at all.
- It’s possible for a cohabitee to claim on your estate if you die, but there’s a strict time limit of six months to do this and the outcome is very uncertain. This adds to the pressure on them at a difficult time.
- Alternatively, a cohabitee you never wanted to inherit the property could go to court to claim a share of it.
- Your children or any other chosen beneficiaries could miss out on an inheritance you wanted them to have.
- Your estate could face legal disputes and additional fees. All these potential issues could add to the distress of loved ones, whereas a Will can provide protection and certainty.
Wills need updating
If you already have a Will, congratulations. But you should certainly review it, and perhaps update it, when you buy a property. This will help ensure that it suits your current situation – especially if property purchase is part of a change in your marital or relationship status.
So, rather than crossing your fingers and hoping for the best with your new property, it’s much safer to make a Will. It may be the last thing on your mind when you’re busy furnishing and settling into a new home, but it certainly should have an important place in your plans.
