Will Writing Service Scortland

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Creating a will is crucial, yet approximately 60% of UK adults lack this essential document. Despite assuming that your assets will automatically pass to your family, this isn't always the case. Having a will is vital to ensure your family's well-being and prevent disputes.

Every adult, regardless of the size of their estate or property ownership status, should create a will. Without one, the law dictates the distribution of your estate, potentially conflicting with your intentions and leading to family conflicts. Additionally, settling the estate without a will is lengthier and costlier.

The importance of having a will cannot be overstated due to several reasons:

  • Distribution of Assets: Without a will, legal rules decide how your money and possessions are allocated, often not aligning with your wishes.
  • Unmarried Partners: Unmarried partners cannot inherit from each other without a will, posing financial challenges for the surviving partner.
  • Changing Circumstances: Life changes, like separation, require updating your will to reflect current relationships and wishes regarding inheritance.
  • Children's Welfare: If you have children, a will ensures suitable arrangements are made for them if one or both parents pass away.
  • Tax Reduction: Proper advice and a will can potentially reduce the inheritance tax payable.

When preparing your will, consider these vital points:

  • Executor Selection: Choose a trusted person (spouse, adult child, or family member) to manage your estate, settle debts, and distribute assets to beneficiaries.
  • Asset Details: Specify the assets you have, including money and property, and decide who should inherit them.
  • List of Beneficiaries: Create a list of individuals who will inherit your assets, known as beneficiaries.
  • Child Guardianship: If you have children under 16, appoint a guardian in your will to ensure their proper care.

Many people delay making a will, but it is crucial for your family's security and your peace of mind. If you answer YES to any of the following questions, it's imperative to create a will:

  • Are you Married, Separated, Divorced?
  • Do you have children?
  • Do you have property?
  • Do you have savings?

Talk to Thompsons Will Writing Solicitors in Scotland

At Thompsons, we have a solicitor-led team dedicated to help you safeguard the interests of your family, friends and dependants and you don’t even have to visit us. Using our easy-to-understand Will questionnaire, we can create your Will from the information you provide from the comfort of your own home.

Talk to Thompsons specialist Will writing solicitors today to ensure your Will is created exactly how you want it.

 

MAKING A WILL FAQS

At Thompsons we advise all our clients regardless of age to make a Will.

Yes, if your circumstances change you can make an amendment to your Will at any time.

An Executor is the person you nominate in your Will to look after your assets and deal with the administration of your Will when you die. When creating a Will you must name at least one Executor and this person must be 16 years old or older. We recommend that you nominate two Executors in your Will in case one dies before you.

Your nominated Executor(s) is the person(s) who will ensure that all outstanding debts, bills etc are paid following your death and any money, property and possessions remaining are distributed according to your Will.

You can choose between one and four people to be named as executors in your Will.

We advise clients to appoint more than one executor in case one of them dies, unless your named executor is a law firm.

Most commonly appointed executors are:

  • Relatives or friends
  • Solicitors or accountants
  • banks

Only if you are the last living parent and you die leaving children under 16. A guardian will be appointed by the court if you’ve not nominated a guardian in your Will.

When you own property with another person and there is a clause in the title deeds that states that the property is owned by for example Jean Smith and John Brown equally between and to the survivor…

This means you have a survivorship destination this means on your death your half of the property would automatically be passed to the other co-owner and vice versa.

If your title deeds contains a survivorship destination and you wish to leave your share of the property to someone else in your Will, you will require to instruct a solicitor to remove the survivorship destination before proceeding with your Will.

Yes, however the outcome may prove impractical in the longer term. With so many individuals gaining equal rights to the house, it may be difficult to reach decisions regarding the house (e.g. maintaining, selling etc) since a majority would need to agree on the best course of action to proceed.

For many people their house is their biggest asset, so naturally they will want their loved ones to benefit from it. This can be done in a number of ways, either by leaving a share of the property to a beneficiary or by leaving a share of the proceeds of its sale to a beneficiary.

In Scotland you cannot totally cut your spouse, civil partner or children out of your Will. There is an entitlement for these parties called ‘legal rights’ and this can be claimed regardless of whether or not the family has fallen-out.

Generally, pension and insurance policies have a nominee appointed to receive the proceeds of the policy should something happen to the policy holder. For that reason such policies generally do not form part of your Estate and are not usually included in your Will.

Depending on how much you own at the time of your death you may have to pay Inheritance Tax. Currently, your estate will owe tax at 40% on anything above the £325,000 IHT threshold when you die (or 36% if you leave at least 10% to a charity).

When you die, any assets left to your surviving spouse or registered civil partner are exempt from IHT (provided they are UK-domiciled), and together a couple can currently leave £650,000 tax-free once both have passed away provided the predeceasing spouse did not use any part of their own nil rate band.

There are ways to ensure you won’t have to pay more IHT that you need to, our specialist solicitors can provide advice on this when drafting your Will.

At Thompsons we keep our Will writing costs to a minimum. For a basic single Will the cost is £200, we can draft a mirror Will for your spouse or partner for an additional £100. More complex Wills may be more expensive and we will discuss this with you before undertaking any work.

Many people automatically think that after creating a Will they are protected should they be involved in an accident or fall ill and are unable to deal with their affairs, this is not the case.

A Will is not a power of attorney and should you become incapable of dealing with your affairs in the future a POA requires to be drawn up. To plan for the future while you have the capacity to do so you need to create a poa.

For further information on creating a POA click here.

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