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At maloco mowat parker, we believe that understanding the importance of a will and the legal intricacies involved is essential to safeguarding your legacy.
Most people think about making a will at some time or another, but many never get around to actually doing it. To help we have put together this simple guide that cuts through the legal jargon and points you in the right direction. The most convincing argument for writing a will is to look at what could happen if you don’t.
A will is more than just a document; it’s a powerful tool to ensure that your assets are distributed according to your wishes after you’re gone.
If you die without having made a will, who gets what is decided according to the terms of the Succession (Scotland) Act 1964. Your “estate” as it is known, will according to the act pass to your husband, wife, children or other blood relatives depending on the size of your estate and who survives you. Partners and close friends don’t count. You will have no say in who gets what and if you don’t have any close blood relatives then your entire estate may go to the Crown.
If on the other hand, you make a will then you decide exactly who gets what. You get to choose the executors (the people who will administer the estate) and guardians (the people who will look after any children) and you can also take advantage of tax-saving opportunities. There are still certain rules that have to be followed but by and large, you control what happens to your estate.
While writing a will may seem straightforward, it’s easy to make mistakes that can have serious consequences.
1. Failing to Update Your Will Regularly: Life changes—marriages, divorces, births, deaths—and so should your will. It’s recommended to review your will every 3-5 years or after significant life events to keep it current.
2. Not Being Clear About Your Wishes: Vague language can lead to confusion and disagreements. Be specific about who gets what, down to individual items if necessary.
Avoid these pitfalls by seeking professional help. Our experienced solicitors can guide you through the process, ensuring your will is clear, up-to-date, and legally sound.
So rather than take the chance that your estate passes to those you’d like to benefit make a will and enjoy peace of mind. For guidance as to the cost of making a will see here (pricing policy) or contact stacey@maloco.co.uk
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