By creating a Will, you can ensure that your estate is distributed according to your wishes. Additionally, you can address critical matters such as guardianship and funeral arrangements, giving you peace of mind that your family will be taken care of and won’t have to deal with challenging decisions when you pass away.
The importance of a Will
Creating a Will is the simplest way to guarantee that your desires are carried out after you pass on. If you don’t have a Will in place, you will die intestate, and the distribution of your estate will be governed by the Succession (Scotland) Act 1964. Although the law provides prior rights to your surviving spouse or civil partner, the process of settling your estate is much more complicated and costly.
It’s also essential to consider the variations in succession law between Scotland and England and Wales. If you live in Scotland but created your Will in England or Wales, it’s crucial to review your Will with a Scottish-based solicitor.
What to Include in a Will
Your Will can:
- Name an executor to handle your estate after you die. This could be a family member, friend, or professional executor.
- Identify beneficiaries and specify what each will inherit.
- Appoint guardians to care for children under 16 years old.
- Specify additional wishes, such as funeral arrangements or charitable donations.
Is Creating a Will a Complicated Process?
The process of creating a Will is typically straightforward. At VMH, you’ll consult with our highly qualified Private Client team to discuss your wishes and the legal implications. We’ll draft your Will and review it with you to ensure that you’re completely satisfied before signing the deed.
What Does it Cost to Create a Will?
Creating a Will is relatively inexpensive and well worth the peace of mind it provides. Creating a Will ahead of time also saves your family significant cost and stress in the future. We’d be happy to arrange a free, no-obligation consultation and provide you with a detailed quote.
Can you change your Will?
Yes, it’s a good idea to review your will every five years to ensure that it’s up to date and reflects any changes in your life. Events such as marriage, divorce, or having children might require you to revise your will.
If you need to make minor adjustments to your will, such as changing your executor, you can do so with a codicil, an additional document that must be signed and witnessed in the same way as the original will.
Alternatively, you can replace your existing will with a new one. To ensure that only the latest will is considered after your death, you must destroy any previous wills and include the phrase “All other wills that pre-date this are null and void from this date” in the new will.