- Wills & Power of Attorney
- November 3, 2021
The COVID-19 pandemic has undoubtedly allowed us to focus on what matters to us the most and to value the simple things in life. The past year has seen a lot more people working remotely, changing career paths, investing more time into being present, and inevitably getting some of us to start thinking about how well we are prepared for our future.
No one likes to think too far ahead, but it is vitally important that you have all the relevant information about your estate available for your family to access and that you prepare a will to regulate how your estate is to be distributed, when you pass away. Having a will can help to alleviate any unnecessary stress for your family members at an already difficult time.
What Is a Will?
A Will is a document which will contain important information regarding:
– Details of who will manage your estate as your executor(s)
– Your beneficiaries and what they are to inherit and when they shall receive it
– Naming who will be appointed as your children’s guardian(s)
– Special arrangements for your funeral
Your Will is a way of protecting your estate and allows you to specify how it should be divided, who gets what, and when they shall receive it. Wills are often straight forward, but some can involve complicated arrangements such as inheritance tax, so it is important to take legal advice from a qualified solicitor.
Is Having a Will Compulsory?
Having a Will is not a requirement, but it’s important to understand the consequences should you pass away without one. In Scotland, strict rules are in force to establish how a deceased’s estate should be divided when no valid will exists; this is known as intestacy and is carried out by following a hierarchy of who should benefit from your estate. This can often lead to unnecessary stress and complications for the family, as how the law directs the estate should be distributed, may not be how the deceased would have wanted the estate to be split.
When is the Right Time to Make a Will?
According to The Gazette Official Public Record, the number of people writing a Will has increased, and the average age is 58 years old. However, it is prudent for younger people to make a will, to safeguard their estate, in the event of their untimely death. There are some significant stages in a person’s life that may prompt them to consider making a will, for example, when circumstances change, this could include contemplating marriage or divorce, buying a property, or having children.
We recommend that everyone should have a will in place, regardless of age or circumstances as it is important to be well prepared for the future.
How to Get Started
Our team are on hand to help you plan for your future and draft up a will tailored to suit your needs. We can have chat with you over the telephone or arrange a video call with you to guide you through the process. Alternatively, if you require any other legal advice, do not hesitate to be in touch with our team today.