Here are some good reasons why you should make a Will:
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If you don't make a will, your hard earned money and/or assets could end up going to someone other than the person or persons you intend to benefit from your estate or worse still to the government! |
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Your wishes would not be taken into account and they might be very specific and important to you. |
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It takes longer to wind up an estate if you die without making a will. |
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Inheritance tax might have implications for your estate as nowadays more and more people are finding themselves caught in this tax bracket because of the value of their total assets. A will can help you to reduce your tax liability. |
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If you do not appoint your own executor or executors the court has to appoint a suitable executor and this all adds to the delay in winding up your estate. |
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Children can take their inheritance at 16 but you might not wish that to happen and you may want either your own children or grandchildren to take their inheritance at a later age of say 18 or 21. |
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If you want your spouse or civil partner to benefit from the whole of your estate, they may not do so if you die without making a will. |
It's worth taking the time to think through how you would like your will to be drawn up and who will be your beneficiaries; if you have specific views about your burial you can put in the type of funeral you would like; who you would like to appoint as your executor or executors; if you have young children who you would appoint as their Guardian; who you would like to leave specific items to plus much more.
Your will is one of the most important documents you will sign so it is worth getting proper legal advice rather than getting an off the shelf version. We will listen carefully to your wishes and intentions and advise and guide you along the way before drafting a first copy for your approval before signing. It is not expensive to have a will drawn up so please give us a call and we'll take care of the rest for you. Basic Will fee in the region of £180 + vat. Basic Mirror Wills in the region of £300 + vat for both.
Farah Adams, Solicitor and Notary Public, Regulated by the Law Society of Scotland
