Why Should You Make A Will?

There are many reasons to tackle this often unwelcome task, as outlined below by one of our experienced private client solicitors, who has many years of experience in drafting Wills for clients with a variety of personal circumstances.

You can make sure your estate passes to your chosen beneficiaries

You can choose who benefits from your estate (subject to certain limited exceptions). If you do not have a Will then the Scottish law of intestacy will determine who will get your estate. The rules of intestacy are not well understood and may have unexpected consequences.  For example, a surviving spouse or civil partner will not necessarily inherit the whole estate and in some circumstances, part of the estate will pass to parents and siblings in preference to the spouse.  If you are not married to your partner the law of intestacy will provide no automatic rights to your estate: your partner will have to petition the Court to ask for provision within 6 months of your death, and if there are children then things become even more problematic.  A Will allows you to provide for your loved ones and dependants.

You can provide protection for vulnerable or young beneficiaries

Under Scottish Law children become adults at 16 so if you do not leave a Will your children inherit then they will receive their inheritance on their 16th birthday. If you have a Will you can ensure that the funds are held in trust under the control of trusted advisers or family members until the children are old enough to take on this responsibility.  Likewise, if you wish to benefit beneficiaries who have physical or mental disabilities you can ensure that any inheritance will not affect state benefits.

You can address the issue of Inheritance Tax

The Nil Rate Band is the amount which you can leave before tax becomes payable. This has been fixed at £325,000 since April 2009 and there are no plans to increase it until at least 2028. Effectively this means that Inheritance Tax is being charged on increasingly modest estates (in real terms). When discussing a Will you can also take advice on what you might be able to do to limit your exposure to Inheritance Tax.

You can potentially protect against care costs

If you have to go into care in your later years the state will expect you to pay for your care. In Edinburgh care costs can be around £1,200 per week – a staggering £64,000 per year.  In the case of a couple it is possible to structure the Wills so that the survivor does not own all of the joint assets outright and therefore the assets are at least partly protected for future generations.

It will make the difficult process of dealing with your estate much easier for those left behind

The loss of a loved one is a difficult time for those left behind. There are so many things to do that it can be quite overwhelming.  Having A Will in place makes the legal process quicker and easier for everyone. Making a Will really is one of the most helpful things you can do for your loved ones.

At ELP Arbuthnott McClanachan we offer a personal service providing advice tailored to your own specific circumstances. If you have any queries or if you would like to discuss any of the matters referred to in this article then please do not hesitate to contact us.