"Where there's a will, there's a way"

Will I or won’t I? I can afford my daily cappuccino made with rare Guatemalan beans and even that new pair of shoes, but I can’t afford to make a Will, surely? Besides, everything will go to my partner anyway, right?

Wrong. A recent Daily Mail article indicated that 60% of people in the UK do not have a Will and that one fifth of people do not feel they are wealthy enough to consider making one. Contrary to popular belief, not only do you not need to be Bill Gates in order to make a Will, but if you die without a Will in Scotland, your whole estate does not automatically pass to your spouse. Your surviving spouse has certain Prior Rights to the house, to its furnishings and to cash, each up to a defined value which changes every few years. Your spouse and children have automatic Legal Rights to either a third or half share of the moveable property depending on whether or not the spouse, or children, or both spouse and children, survive. The remaining estate is divided in a particular order, with children inheriting before parents and siblings, and all of them will inherit before your spouse.

Many people are also under the impression that if they have lived together with a partner for a number of years and they are cohabiting, that their estate will pass to each other. However, a cohabitant has no automatic right to inherit anything and this is the case no matter how long a couple live together. A cohabitant can ask the court for a share of the estate if their cohabitant dies without a Will. They cannot ask for anything if there is a Will. The court may decide not to award anything and cannot award more than a spouse could inherit. The court considers a number of factors such as the size of the estate, any other money received by the cohabitant from pensions etc, the extent of any other claims and whether Prior and Legal rights have been claimed by a spouse or any children.

Whilst it can seem rather morbid thinking about your own mortality, one of the most important things we can do for our loved ones is to ensure that there are clear instructions setting out our wishes. The only way to ensure that your wishes are clear, to remove any burden from your grieving family and to safeguard against any disputes within the family (particularly if a large number of assets are involved), is to set them out in a properly prepared Will. This means that you are given the choice to divide your assets amongst family, friends and causes you care about.

Writing a Will is prudent planning for the future and ensures that those who are left behind are not burdened with the often onerous and expensive task of administering your estate without a Will.

We cannot predict the future, but we can help you plan for it, providing comfort that your affairs are all in order. Should you wish to discuss having a Will put in place, please do not hesitate to contact Laura King or Ailidh Ballantyne who will be delighted to assist you.

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For More Information Contact:
Laura King
Mobile: 07841 920 095
Direct Dial: 0131 516 5359
Email:lking@gilsongray.co.uk

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For More Information Contact:
Ailidh Ballantyne
Direct Dial: 0141 530 2037
Email:aballantyne@gilsongray.co.uk

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The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.