Having a Will is arguably one of the most important things you can do for yourself and your loved ones. Estate planning can also involve some of the most important decisions that a person can make about their life and assets.
At Dallas McMillan, our friendly and knowledgeable team use their expertise to ensure that your wishes are fully accounted for within your Will. If you are considering drafting a Will, get in touch with us today. We pride ourselves on tailoring our advice to the needs of you and your family. If you have any questions, our experienced team are on hand to help you. Contact us on 0141 465 5410 or complete our online contact form and we will be in touch.
Why Have a Will?
A Will, if correctly drafted and executed, will ensure that your assets pass onto those who you wish to inherit. A Will can also be used to appoint Guardians to look after young children, outline your funeral wishes and appoint someone you trust as executor.
We would recommend that you review and update your Will as and when your circumstances change to ensure that your wishes are still accurately recorded. Such changes could include having children, buying your first home or getting married.
Having a Will provides you with a degree of certainty. In Scots law, when someone dies without a Will, a special process must be followed to appoint an executor and to distribute the Estate. It can be more complicated and could result in unintended consequences.
For example, if you have a Will, you can set out how you would like your assets to be shared – leaving certain items to certain people. If there is no Will, then the law dictates how your estate is distributed.
Where there is no Will, and there is a surviving spouse, then they are the first people entitled to a share in the Estate through a system known as prior rights. Prior rights gives the spouse certain rights to the house they shared with the deceased, the furniture in the house and to the first payment out of the Estate (the amount of which will vary depending on whether there are children).
The next stage in sharing out an Estate where there is no Will involves the application of legal rights, which are rights that apply to moveable assets of the deceased (like money). The surviving spouse is entitled to one-third of the moveable estate if there are children and one half if there are not. If there are children they are entitled to a third of the estate if there is a living spouse and one half if there is no surviving spouse. The rest of the estate is shared according to the law set out in the Succession (Scotland) Act 1964.
In light of the above, it is easy to see how dying without a Will leaves you with no real control over how your assets are dealt with.
What Is Meant by Estate Planning?
Estate planning simply means thinking ahead to anticipate how your Estate will be dealt with after your death. It is important that you think carefully about how you structure your affairs in life and how that may impact on debts and taxes due on death.
At Dallas McMillan, we are specialists in this field. We can help you value your estate and understand the tax implications of the decisions you make. Making these decisions can go hand in hand with making a Will. We would be delighted to advise you on both of these matters to give you peace of mind and security.
Contact Our Wills & Estate Planning Lawyers in Glasgow, Scotland
At Dallas McMillan, we understand that the prospect of making decisions about your Will and Estate can be daunting. We also understand the importance of delivering clear and comprehensive legal advice that is tailored to meet our client’s needs.
Our specialist private client team have vast experience of advising clients on Wills and Estate Planning. If you would like to speak to one of our team, contact Rosslyn Milligan on This email address is being protected from spambots. You need JavaScript enabled to view it. or complete our online enquiry form and we will be in touch.
