Wills

Looking for a will writing services in Dunfermline?

At maloco mowat parker, we believe that understanding the importance of a will and the legal intricacies involved is essential to safeguarding your legacy. 

Most people think about making a will at some time or another, but many never get around to actually doing it. To help we have put together this simple guide that cuts through the legal jargon and points you in the right direction. The most convincing argument for writing a will is to look at what could happen if you don’t.

What is the importance of a will?

A will is more than just a document; it’s a powerful tool to ensure that your assets are distributed according to your wishes after you’re gone. 

If you die without having made a will, who gets what is decided according to the terms of the Succession (Scotland) Act  1964.  Your “estate” as it is known, will according to the act pass to your husband, wife, children or other blood relatives depending on the size of your estate and who survives you. Partners and close friends don’t count. You will have no say in who gets what and if you don’t have any close blood relatives then your entire estate may go to the Crown.

If on the other hand, you make a will then you decide exactly who gets what. You get to choose the executors (the people who will administer the estate) and guardians (the people who will look after any children) and you can also take advantage of tax-saving opportunities.   There are still certain rules that have to be followed but by and large, you control what happens to your estate.

What are the common mistakes with wills?

While writing a will may seem straightforward, it’s easy to make mistakes that can have serious consequences.

1. Failing to Update Your Will Regularly: Life changes—marriages, divorces, births, deaths—and so should your will. It’s recommended to review your will every 3-5 years or after significant life events to keep it current.

2. Not Being Clear About Your Wishes: Vague language can lead to confusion and disagreements. Be specific about who gets what, down to individual items if necessary.

Avoid these pitfalls by seeking professional help. Our experienced solicitors can guide you through the process, ensuring your will is clear, up-to-date, and legally sound.

So rather than take the chance that your estate passes to those you’d like to benefit make a will and enjoy peace of mind.  For guidance as to the cost of making a will see here (pricing policy) or contact stacey@maloco.co.uk

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Are you looking for help with wills in Dunfermline?

FAQs

What is a Power of Attorney?
A legal document is signed by you at the present time, designating a trusted individual to make choices on your behalf in case you become incapable of making such decisions for yourself in the future.
Why should I make a Power of Attorney?
A Will guarantees the allocation of your assets based on your desires upon your demise, while a Power of Attorney safeguards your wealth during your lifetime. Having a Power of Attorney is equally vital as having a Will – it’s essential for everyone to possess one.
Is there a limit to how many people I have as my Attorney?
No, there is no limit to the number of individuals you can appoint as your attorney, provided they are at least 16 years of age. However, you need to specify if they should collaborate or act independently when making choices for you.
When does a Power of Attorney start?
You can grant your attorney(s) the power to manage your financial affairs immediately upon registering the document, or you can withhold this authority until you’re mentally incapable of making your own choices. The ability to make welfare decisions can only be exercised when you’re unable to decide on your own well-being.
Can I amend or cancel my POA?
Yes, for as long as you are able to make decisions, you can amend your POA at any time. As long as you have mental capacity you can also cancel your POA at any given time.

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