Why Making a Will Matters When Buying a Property
As summer draws to a close, the property market can see a surge of activity. Purchasing a property is one of the biggest financial decisions a person may make in their lifetime. Of course, it is an exciting moment; however, future asset planning is often overlooked.
How a Solicitor Helps With Conveyancing and Property Ownership
In Scotland, property is typically held in the following ways: Jointly with survivorship, this is where the property passes automatically to the surviving owner. Alternatively, each owner holds their distinctive share, which will pass according to their Will or the rules of intestacy. Therefore, if you do not have a Will in place your share may not go to your co-owner. This can cause unwanted consequences, and has never been more important at a time when blended families are on the rise.
Selling a Property or Buying Property: Why a Will Protects Your Future
A Will is a legally binding document that shapes what should happen to your assets including your property, after your death which reflects your personal wishes or circumstances. Without a Will, your estate is distributed according to the rules of intestacy, which may not reflect your personal wishes or circumstances.
In Scotland, the law sets out a set order for distributing your estate by executors to beneficiaries. Your spouse or civil partner may receive prior rights, such as a share of the home and contents, and legal rights for instance, a fixed share of moveable estate, but these rights can be limited. If you have children, they may be entitled to inherit a portion of your estate, potentially leading to complex legal disputes. By creating a Will, you decide who inherits what and not the rules of intestacy.
Avoiding Legal Disputes Through a Will
The rules of intestacy can sometimes lead to lengthy and expensive legal procedures. In turn creating additional stress for your grieving loved ones. However, if there is a Will in place this eases the process and makes it less costly for those that you leave behind. Of course, buying a home is more than a financial investment, it is a commitment to your future. By making a Will, it helps to protect that investment, eases the process for grieving loved ones and protects the legacy you leave behind.
How Complete Clarity & Simplicity Legal Solicitors Can Help
The end of summer is a natural time for review and planning. Whether you’re buying your first flat, moving in with a partner, or investing in rental property, don’t wait until it’s too late. Complete Clarity and Simplicity Legal provides comprehensive legal advice, and can assist in setting out your unique requirements and circumstances. To make an appointment please contact us on 0141 433 2626.
