Wills  

Do I Need a Will?

Very few people like to think about death.  Despite the huge strides that have been made in the fields of medicine and genetic engineering, it remains the case that the only thing we can be sure about in life is death.  Making a Will is simply a way of providing for family and friends after our death.  If you have assets of any value such as a home, life insurance policies, savings, pensions etc, it is advisable to make a Will.  It is often surprising how valuable your estate can be in the event of an untimely death which triggers large insurance payments, death-in-service benefits etc.  Making a Will means that you decide what is to happen to your estate and may also lead to saving what can sometimes be a considerable amount of inheritance tax.

What Happens if I do not leave a Will?

This situation is known as intestacy as opposed to when a Will has been made which is referred to as testacy.  In a case of intestacy, your estate is divided according to the Laws of Succession applicable in Scotland which may not necessarily suit your particular case.  These Laws for instance make no provision for partners even if you have lived together for many years.  Whilst in some cases the lack of a Will will not make any difference, in others it can be disastrous  and very upsetting for your nearest and dearest.

Can my Will be challenged?

In Scotland it is possible for close relatives (mainly spouses and children) to claim legal rights where these relatives have not been provided for in your Will.  These rights are to a sum of money representing a proportion of your estate.  If you have special requirements as regards these close relatives, it is essential to obtain advice from a qualified Solicitor who is familiar with the laws in question.

What sort of things do I put in my Will?

You will first of all nominate an Executor or Executors who are the persons appointed to deal with the administration of your estate.  Following your death, your Executors will be advised by a Solicitor to ensure that your Will is carried out to the letter and in terms of the existing law.

You might then wish to make “legacies” of certain amounts of money or gifts of specific items to particular people.  After that, the remainder or residue of your estate is normally then left to one or more persons with further provisions as to what will happen in  the event of any of your residuary beneficiaries dying before you.

Some people like to make provisions in their Will for their funeral i.e. burial or cremation.

It is also possible within a Will to set up a Trust or Trusts for various reasons such as tax planning, ensuring that your estate does eventually go to your children etc. 

It is essential when making any Will that your wishes are clearly and accurately expressed.  A professionally drawn Will will avoid any dubiety as to exactly what is being left and to whom it is being left.

What is Inheritance Tax?

Variously known in the past as death duties, estate duties or capital transfer tax, inheritance tax arises in some circumstances when property or money is transferred on the death of one person to another.  Account has to be taken of property which is gifted during the deceased’s lifetime, mainly if the gift is made within seven years of the date of death.  At present there is a nil rate band of £234,000 in each person’s estate beyond which tax is payable at a current rate of 40%.  Where inheritance tax is likely to be payable, it is usually always possible in the case of married couples in particular to draw Wills in such a way that liability to inheritance tax can be reduced and in some cases even avoided altogether.  The potential savings which can be made can be extremely significant.  We are able to advise on such matters.

Will I need to change my Will?

This will largely depend on your particular personal circumstances.  In some cases a Will may last a lifetime but in others, particularly where there are tax implications, regular up-dating, particularly in view of changes to tax rules, may be necessary.  If there are any major changes in your life, you should ask us whether your Will might need up-dating.  If your Will has been drawn with a view to reducing tax liability, it should be reviewed at least once a year.  Changes of address themselves are not enough to require a fresh Will to be drawn up.

How much does a Will cost?

Our charge for a straightforward Will is £25 plus VAT per person.  When we purchase or sell a property on behalf of clients, we offer to prepare Wills at no extra cost.  For more complex Wills, we are able to give an estimate on the likely cost before going further.

Must a Solicitor draw my Will?

It is perfectly possible in Scotland to draw up your own handwritten Will or to complete a pre-printed form from stationers.  It is surprising, however how, often in doing this people fail to complete the Will validly or draw it in such a way that it contains mistakes or does not make the person’s wishes clear.  This can lead to a lot of anguish for relatives not to mention expense and delay.  Recently some private Companies have started offering Will writing services but these Companies are generally no cheaper than using a fully qualified Solicitor (and sometimes inordinately expensive!). All Solicitors been trained to recognise and advise on the difficulties and complications which can arise when making a Will and we at Mair Matheson will meet with you on a personal basis to ensure that your specific requirements are met.