The Importance of Having a Will
Planning for the future is crucial. A Will allows you to plan for the division of your assets after you pass, ensuring that your property is distributed in line with your wishes. This can significantly reduce emotional distress for your loved ones in the event of your passing and help to support their future.
The Practical Benefits of Estate Planning
There are many practical benefits to having a Will, such as reducing the chance of legal complications and emotional distress for loved ones at an already difficult time in their life. If you have clearly stated the way in which your assets are to be decided, your family no longer has the burden of making these decisions themselves.
When creating a Will, you can appoint an executor who will manage your estate. This person will ensure that your property is divided as stipulated in your Will. This simplifies the process of succession.
Furthermore, a Will can make arrangements for guardianship of your children and care for your pets. These are important considerations and having a Will can reduce the emotional distress of making these decisions.
Intestacy and the Division of Assets
When a person dies without a valid Will, they are said to have died intestate. In this case, there are legal rules and processes which dictate the way in which assets should be divided. Although these rules allow for your estate to be divided amongst family, they may not be divided the way you would have decided yourself. It is also possible that your assets may go to family members who you would not have chosen to inherit from your estate in any event.
It is particularly important to consider the impact of intestacy where you have a long-term partner but are unmarried. In the event of passing, they would have to apply to the court to inherit under the rules of cohabitation. This is a costly and stressful process. As a result of this, it is highly recommended to instead create a Will. This ensures your partner is looked after in the event of your death.
When Should I Make a Will?
It is always beneficial to have a Will, however, there are certain milestones which may highlight the importance of this. For example, buying a property, getting married or divorced, having children or facing illness. It is critical that your Will is updated in the event of these changes to ensure it is still suitable and valid.
Do I Need a Solicitor in Scotland to Create a Will?
It is highly recommended to use a Solicitor when drafting a Will. This is a complicated legal document which must be clear and valid to prevent costly legal challenges in the event of your death.
There are a number of formal requirements to ensure validity of a Will. It is also notable that significant life events may alter its contents. Due to this, it is highly beneficial to have a Solicitor draft and review to ensure your Will meets formal requirements, avoiding costly legal proceedings which may reduce the amount of inheritance left for your loved ones. A Solicitor can help and provide any necessary legal advice.
Our Process
Therefore, it is clear that a Will is an important part of planning for your family’s future. Clarity Simplicity can provide expert advice, easing any worries for the future. Our Private Client Team can aid in the creation of a valid and clear Will, taking into account your personal circumstances. We offer a free initial consultation with a Solicitor to discuss the individual requirements of your Will and the costs that will be involved. We can also help you amend an existing Will. Get in touch on 0141 433 2626 to start planning for your family.
