Why make a Will?
A Will states who inherits your estate. Without one, you die intestate and your estate is distributed according to the rules set by law. These rules do not cater for your specific wishes and can mean family members may benefit when you would prefer them not to do so or even pass to the Crown.
Making a Will avoids family feuds if you decide who gets what early, so make sure that your beneficiaries know what they are likely to receive.
What happens without one?
If you die without a Will then your estate passes according to the rules of intestacy and the people close to you could miss out, with a large proportion of your estate potentially going to HMRC.
Without a Will, children under the age of 18 are likely to go into the care system. A Will is the only way to appoint your own Guardians. It will ensure your children are placed in the hands of someone you trust immediately.
"Although everyone knows they should have a Will, it is estimated that 60% of the UK adult population do not have one".
And of the 40% that do have a Will, one in four do not reflect their wishes or are simply not valid…
Important Matters
Considerations
Under Scots law, a surviving spouse (or civil partner) and children are entitled to certain Legal Rights. Legal rights are intended to reflect the view that a person should not be able to dispose of his or her estate entirely according to individual preferences but should be bound to leave something to those with whom he or she had the closest ties.
Prior to making a Will you need to consider the value of your assets and any shared assets including house, businesses, building society/bank accounts and investments.
Executors are responsible for distributing your estate or administering your Trusts. You should therefore make sure the persons you choose are appropriate, and make sure you also name substitutes, should your Executors die before you.
Why us?
Aria Legal Ltd are expert in the field of Estate Planning. We are an accredited firm that have an in-depth knowledge on inheritance tax and how trusts can assist in fulfilling your needs. Stay away from DIY kits, they could easily result in errors, and you may end up without the results you wanted, needing to seek advice anyway.
The best way to protect your legacy is to ensure that you have a well-drafted and up-to-date Will in place. It is NEVER too early to produce one, but often too late. So, if you have any questions about any of the above or if you want to start planning your succession, get in touch today.