Making a Will
Why should I make a Will?
Simply to make sure that your wishes are carried out properly and that your money and possessions are left to those you wish to benefit. If not you may leave it to chance and the Law of Intestacy.
Why should I review my Will?
Certainly when you marry or have children or if there is any other significant change in your life. Also by reviewing your Will every three to four years you can take note of any changes of address for your executors or beneficiaries.
Does my spouse/civil partner always automatically inherit if I leave a Will?
In Scotland a spouse/civil partner cannot be totally disinherited, however if you make a Will you can limit your spouse or civil partners claim to a share of your moveable property (i.e. your estate less any land or buildings). You can however leave property to whoever you want without this being challenged.
Do my children always have inheritance rights if I leave a Will?
Again children in Scotland cannot be totally excluded. By making a Will you could limit their claim to a share in your moveable estate. Also if children are not mentioned at all in your Will they have a right to claim a share. For children under sixteen years a claim will normally be made for them. Your Solicitor can advise as to what share any child would be entitled to claim.
What if my assets exceed the Inheritance Tax limit (£325,000)?
Tax is payable on your estate when you die at 40% on the excess over £325,000. There is a spouse exemption on the first death in the case of a married couple/civil partners. Your Solicitor can advise you on the use of trusts and investments which might help minimise this liability.
What if I own property abroad?
What happens to your property when you die depends on the law of that country. You should therefore make a Will there to protect your investment.
What happens if I do not make a Will?
Then you will die “intestate” (the expression used when someone dies in Scotland without leaving a Will). A Solicitor will then need to Petition the Court to appoint your nearest blood relative as executor. You also require to obtain a Bond of Caution from an Insurance Company as this is now a legal requirement when somebody dies without leaving a Will. Premiums for this Bond can now amount to several hundred pounds even for a relatively modest estate and can also cause delays in your estate being finalised.
Conclusion
Everyone should have a Will! They are usually straightforward to prepare and relatively inexpensive. They record your wishes regarding your possessions and can be changed from time to time. Your family members are made certain of your intentions.
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