We strongly suggest that you make a Will so that following upon your death your estate will be distributed in accordance with your wishes. In your Will you can appoint executors to ensure that the terms of your Will are properly adhered to. If you have young children you can appoint guardians to look after their interests.
You can leave legacies of personal effects or sums of money to relatives, friends or charities. You can determine in your Will exactly what would happen to your estate if for example someone named as a beneficiary in your Will predeceases you. You can provide that your estate is to be held in trust for a minor beneficiary or to be held in trust for someone who has a mental or physical disability. You can also make provision in your Will for funeral arrangements.
If you die intestate, (i.e. you do not leave a Will) then your estate will be wound up in accordance with the law of succession in Scotland. It may come as a shock that your spouse or partner, for example, might not inherit the whole, or any, of your estate if you die without a Will in place.
It really is best to put your affairs in order by making a Will or reviewing your existing Will to ensure it reflects your current wishes regarding your estate.
Get in touch with Walker Laird today and we can help you with our Will Writing service at either our Paisley office, or our Renfrew office.
You may also be interested in Power of Attorney and Guardianship.