Making a Will gives you control over your estate
People tend to think they have all the time in the world to make a will and often just never get around to it. Sadly, this means that thousands of people pass away without having completed a Will. Such situations can cause numerous problems, including delays, family disputes, added expenses, and even arguments about funeral arrangements. If you haven’t completed your Will yet, perhaps reading our top 10 reasons to have one can motivate you to get it done.
Our top 10 reasons to make a Will
1. YOU decide what happens to your estate
If you’ve got a Will, then YOU are the person making the decision about who to leave your estate to. If you don’t have a Will, then the law will decide for you. This means your estate could end up going to that relative you haven’t heard from in years.
It is crucial to have a Will in place to have your say.
2. Avoid unnecessary costs and stress on your family
Having a Will speeds up the process of applying for Scottish Confirmation (sometimes known as probate). It also means that there are no unnecessary costs, like having to pay for a “Bond of Caution” for example, which is a type of insurance policy often required in an intestate estate and can be expensive. If you are interested, you can find out more about bonds of caution here: Scottish Executry Bonds | RSA Insurance
Even more important than that, a well written Will provides an unequivocal record of your wishes and should therefore help to mitigate any lingering family disputes.
3. You can appoint people you trust to be your Executors
Your executors are the individuals appointed in your Will to oversee the administration of your estate. It is their responsibility to investigate your estate, settle any outstanding debts, and ensure that your beneficiaries receive their entitlements under the Will.
It is important to appoint executors who are reliable, honest, and trustworthy.
4. If you are not married or in a civil partnership
If you live with someone as husband and wife, but are not married or in a civil partnership and you don’t have a Will, your other half could be left out in the cold. Unlike spouses or civil partners your other half will not automatically get anything from your estate.
In fact, they will have period of six months to make a claim on your estate and will have to prove to the court that prior to your death, you both had been living together as if you were husband and wife or civil partners.
5. Who will look after your children
If you have young children, then you can use your Will to specify who you would like to act as Guardian to your children in the event of your death. This is not an automatically legally binding clause as such.
However, you wishes would be certainly taken into account and if you have appointed a suitable guardian and there is no other person with parental responsibility, then the guardian of your choice would have the same responsibilities as you do as a parent.
6. Do you want buried or cremated
People find talking about their funeral arrangements with their family and loved ones difficult. In your Will you can provide clear guidance to your family and loved ones during this emotionally challenging time. This clarity can help alleviate potential conflicts or uncertainties about your wishes and ensures your funeral is in line with your values and beliefs.
7. Your children could inherit your estate when they are 16
In terms of the law in Scotland, children are considered old enough to inherit your estate at the tender age of 16. In your Will, you can add provisions stating that if your estate passes to a beneficiary under the age of, let’s say, 21, then your executors should hold onto these funds until that beneficiary reaches the age of 21. This gives them time to mature and therefore, be able to make better financial decisions when they do inherit.
8. Inheritance tax planning
Inheritance tax is not only based on the value of your estate but also on whom you leave it to. Property left to your spouse is automatically exempt from inheritance tax. Property left to your children or grandchildren can generate a lower inheritance tax bill due to the additional thresholds available under the residence nil rate band.
There are many other inheritance tax reliefs that you might wish to consider, for example, if you leave 10% of your estate to your favourite charity the tax rate will be reduced from 40% to 36%. You can discuss all of these matters in more detail at the same time as providing the instructions for your Will.
9. Business assets
You can set out in your Will what should happen to any business assets or investments. In the event of your passing, clearly outlining your intentions for business assets in your Will ensures a smoother transition of ownership. This can help maintain the stability and continuity of the business, preventing disruptions that could arise from uncertainty or disputes over ownership.
10. How much does it cost
You should know that getting a Will written may not be as expensive as you think. Just take a look at our prices and you will see it’s definitely affordable. Our Wills start from only £95, so what are you waiting for?
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I hope you found our top 10 reasons to have a Will useful, if you are interested in knowing more about our Will writing service please visit our page on this here.