One of the questions asked most often is “Why do I need a Will?”. Many people assume their assets will pass automatically to their spouse, partner or children, so see no need to do the legal paperwork.
Sadly, this assumption often ends up causing major expense and stress – and even lengthy court cases – for their loved ones.
One compelling reason to have a Will is that the time and costs involved in dealing with your assets if you die without a Will could be much greater than making a Will. On larger estates, making a Will can also help with Inheritance Tax planning and reducing tax payable.
Another reason is that Scotland has strict laws on who inherits property and other assets when someone dies without a Will. These rules may not suit your own situation, especially if you’re an unmarried couple who live together, have a blended family or a larger estate. For example:
- Spouses and civil partners inherit the matrimonial home in most cases, but unmarried couples don’t have an automatic right to inherit. So your partner may not be able to stay in the family home.
- Your children or any other chosen beneficiaries could miss out on assets you want them to inherit.
If you would like to put a Will in place or update an existing Will, please contact our team and they would be happy to help.
To go back to the SAMH "make a Will month" hub, please click here.
