A Will is an important document which allows you to make an informed decision and express your wishes as to what is to happen to your property after your death.
If you do not leave a Will you will die Intestate and your property/assets will be distributed in terms of the relevant Law of Succession. This resulting effect may not be entirely what you wish. You should also be aware that the administrative work involved by not leaving a Will, for obvious reasons, is greater than if you leave a Will and therefore the costs payable to a legal firm administering your estate will be greater. You therefore perhaps unknowingly are increasing fees which some solicitors can charge if you have no Will.
Leaving a Will also makes life easier for the family and by leaving a Will you control distribution of your estate and who you wish to inherit subject to Legal Rights provisions, if you are unmarried or have not made a Will considerable expense could be incurred by your partner to make a claim upon your estate, within your Will you can determine your Executors who are then appointed to handle your affairs.
Given the element of choice you have within your Will, which is not prevalent if you die without a Will, we feel this is sufficient reasoning as to why you should consider, and we strongly recommend clients, to leave a Will.
Clients expectations with respect to Wills are that they are no more than a token gesture and should cost nothing, or at least a small token gesture fee.
There is much more wealth nowadays in Scottish society compared with 50 years ago. Assets held by clients now are more complex, and both ownership of property and shares has increased. Matrimonial divorces and separations are also greater than in previous decades, and a number of clients now also own Villas of Flats in property abroad. People are living longer and their affairs are more complex and clients are looking for planning in terms of their Wills in relation to Inheritance Tax, in relation to Asset Protection, in terms of Care Costs, sometimes they are also looking to reduce an entitlement that a child may have upon their estates.
Private client practitioners we would argue require now a greater and more varied skill set to meet these more complex demands and their knowledge base has to keep up with the changing situations. The days of reduced co-conjecture Wills or indeed free Wills now require to change given the complexities of modern life. It is a service which is a necessary service we believe, and if it is done correctly the time expended requires to be adequately remunerated, but would argue that it is in the best interests of the client and can provide the client with the added security and peace of mind that their affairs and their wishes and expectations are being correctly undertaken.
Contact our Wills Solicitors Ayr, Scotland
For more information on changes to IHT Nil Rate Band, contact our team of lawyers, who offer clear and affordable legal advice on any aspect of the law governing Wills and executries. Call us now on 01292289584 or contact us via our online contact form.