The importance of having an up-to-date Will in place is often discussed, but we appreciate life can get in the way and it falls down the priority list. Pop singer Liam Payne’s recent passing is a sad reminder of the importance of a Will and the peace of mind it offers knowing your wishes will be followed when you are no longer around. As solicitors we are aware of the unexpected and difficult situations that can arise when someone dies not leaving a Will. Problems can also occur when someone hasn’t updated their Will to reflect what they want to happen to their assets on their death.
Should you write a Will yourself?
Preparing a Will yourself, without any guidance or input from a legal professional, is something we strongly advise against. Home-made Wills or changes to Wills can cause significant issues when it comes to administering your assets and most importantly, they may not be valid or effective when the time comes.
You don’t know what you don’t know
The true value of a well-drafted Will is often underestimated. Whilst the most well-known reasons for having a Will are to appoint Executors to set out how your assets are to be distributed on your passing and to note down your funeral wishes; a Will carries meaning and weight behind the words within it. You can only be sure that it is doing its job properly if it is the outcome of a full discussion with your solicitor on your circumstances and wishes. Whilst upon first glance, the document itself may not look too complex, without informed advice when putting one in place, important details and stipulations can easily be missed. This might mean on your death your wishes are more difficult to carry out. There may be higher taxes to be paid, claims able to be made against your assets which you were unaware of, or missed opportunities to plan during your lifetime to save tax and/or direct your assets where you would like them to go.
Important points to consider
You might not immediately think of these things when considering making a Will, however, each one is hugely important and can be easily overlooked:
- If you are unmarried or have children from a previous relationship, you might consider including a Trust provision in your Will to protect some or all of your assets for your children, rather than passing everything outright to your partner (who can then redirect your assets to whoever they wish);
- If you are leaving part of your personal estate to a young or vulnerable beneficiary, a Trust can ensure that those assets are protected and managed for them on their behalf;
- If you are domiciled in another country, or own assets in more than one country, you will need specialist advice on your Will and succession planning, otherwise, distributing your assets can end up being more complex and time-consuming;
- If you have young children, who will look after them if something happens to you? The appointment of guardians needs to be in writing in Scotland and your Will is the best place to set out who you wish to take on that role;
- Digital assets – these are assets that are often forgotten when it comes to succession planning, but can be difficult to deal with without specific instructions to your Executors, which can be made in a Will or an accompanying letter of wishes;
- What taxes will be payable on your death? Is there a way of structuring things so these are minimised? The recent changes announced by the government to Inheritance Tax Agricultural Property Relief and Business Property Relief are a good example of this; allowances could now be lost if assets are passed to the survivor of a couple on the first death.
We are here to guide you
Meeting with a solicitor to discuss your wishes will focus your mind on matters relevant to you and ensure that you are satisfied that the resulting document is based on fully informed decisions. The process does not need to be daunting, and you can be assured that once you have completed it, you will have a document designed specifically for you, to be as long-standing as possible. Although, we do advise that it’s important to review your Will regularly. Taking advice will allow assets to be distributed as smoothly as possible following your passing.
If you are thinking of making a Will or it has been some time since you looked at yours, please do get in touch with a member of our Private Client team and we will be glad to guide you through each step of the process.
