A Will is not something we tend to think about on a day to day basis but it is hugely important. This article highlights some very important reasons why you should take the time to make a Will.
No-one likes to think about death, especially our own death or that of someone close to you, whether family or friend. However, having a Will in place if the worst does happen can help your immediate family immensely. Should you die intestate, that is without a Will, your estate will be distributed following the rules of your country's laws. For the majority of cases, your Estate will be passed onto your next of kin. Your Estate is made up of any assets owned by you minus any liabilities eg loans or debts to be paid. A person's Estate can amount to a few belongings such as jewellery and a small amount of savings or can be vast and include many assets such as property, land, shares, savings and cars.
Without writing a Will can you be sure the correct people will receive your Estate?
Here are 2 common examples where the person you may think will inherit your Estate may actually be excluded if they are not specified in a Will:
1. Partner
If you are living with a partner but are not married, they may not be entitled to your home without it being specified in a Will. You may think of them as your next of kin, but legally they are not. An ex-wife or ex-husband will have more claim to your Estate.
2. Step-children
Any step-children that you may love and think of as your own will have no automatic legal rights.
If you have invested in property other than your family home it will be treated as free estate and will be distributed in the following strict order of succession:
If you really don't want your immediate family to inherit your Estate, then you must write a Will. They only way your best friend or chosen charities can inherit is if they are clearly stipulated in a Will.
How to Write A Will in Scotland
At Fergusson Law in Edinburgh, our solicitors want to make this process as straight forward as possible for all our clients. We offer our Will Writing services for a fixed fee and will provide expert advice at all times. Having a Will written and checked by a Solicitor makes it less likely that it can be contested by another member of your family.
