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You are here: Home / News / Where There's a Will There's Peace of Mind
Where There's a Will There's Peace of Mind
Date
9th Dec 2009
News Story
Around a third of the adult population have not made a Will. There are many reasons for this. Most commonly people consider themselves too young to be doing "that kind of thing" or that they have little to leave and anyway it will all go to their spouse and children.
In reality the unexpected can strike at any time whether we are young or old and the making of a Will is as much about those left behind as it is about the person making the Will.
If you are a parent then not having a Will can have serious consequences. If your children are young who would look after them? Who would be best placed to manage any money left to them until they were old enough to take control themselves? You may think that family would sort things out but sadly we have seen cases where families start to squabble over who is best placed to take care of children. Make a Will and appoint Guardians and all of this can be avoided.
A Will ensures that you stay in control and that the plans you have for your family are not left to chance. Another factor worth bearing in mind is that modern family structures are diverse and can be complex. Divorce, second marriages, children from previous relationships are all issues that need to be addressed.
As it stands today the law that governs Intestacy ( where one dies without a Will ) is contained in the Succession ( Scotland ) Act 1964 and does not address the dynamics of modern family life. In circumstances where someone dies without a Will and has a more complicated family set up, the results can be devastating. The cost of winding up such estates is also greater both in terms of fees and outlays and in the time it takes to bring matters to a close.
Under Scots law a child over 16 is entitled to their full inheritance without restrictions. Would you want this? Do you feel your children would be mature enough to spend and invest a large sum of money were they to inherit it at aged 16? Fail to make a Will and this could happen. Make a Will and this scenario is easily avoided.
Larger estates that fall to be wound up under the laws of Intestacy can be ravaged by tax. Yet some simple tax planning and avoidance measures can protect your estate. After all who wants to benefit the Inland Revenue instead of their children?
Taking the time to make a Will is the only practical way of ensuring that your family is protected come what may. Making a Will is relatively inexpensive and no Will is written in stone. Changes can be made at any time.
For further details on making a Will please call Jim Graham on 01383 629727.