Too young to worry about a Will? Think again

The recent news of Liam Payne’s passing has highlighted that you are never too young to consider the importance of having a Will.

Liam died without a Will, which is called dying intestate. In Scotland, if you do not have a Will, the distribution of your estate on your death is governed by the law of intestacy, The Succession (Scotland) Act 1964. This means that your estate does not automatically pass to your spouse or children and if you have an unmarried partner then this is dealt with differently.

In intestacy, a spouse is entitled to claim something called Prior Rights and this is dealt with in three parts. This claim entitles the surviving spouse to heritable property (such as your home) up to a value of £473,000. This value is capped at the value of the property and, if you own more than one property, they may only make a claim against the one which is your main residence. They are also entitled to furniture, up to a value of £29,000 from that main residence. The remaining right is a cash right of £50,000 if the deceased is also survived by children or £89,000 if they are not survived by any children.

An unmarried partner cannot claim Prior Rights; they must apply to the Court within six months of the death, and the Court has the ultimate discretion on what they will receive. It is also important to note that this claim by an unmarried partner can only be made if you live together.

The easiest way to ensure your loved ones are provided for on your death is to have a Will. This simplifies the process for your loved ones and ensures that your estate is distributed according to your wishes rather than, in some intestate cases, to very remote relatives.

If you are interested in having a discussion about a Will or estate planning in general, please contact us on privateclient@gilsongray.co.uk.