Frequently Asked Questions

 

Can I make my own Will?

 

Yes, you can. But there are significant risks in doing so which you will not be around to sort out. It could mean substantial legal fees to put things right, on top of the upset and confusion it could cause those you leave behind.  

  • A Will that is not clear under the law is open to challenge and your wishes may be overruled.
  • A Will not made under the correct procedures can be rendered invalid  
  • When making your own Will you may overlook some possibilities and unforeseen changes in circumstances.

Can an executor be a beneficiary?

 

Yes. Often the main beneficiary is one of the executors.

 

Do married couples need two Wills?

 

Both of you need to make a Will. A pair of similar Wills is called 'mirror Wills'. Getting married or remarried cancels a previous Will unless the Will expressly states otherwise.

 

What if my main beneficiary dies before me?

 

You need to provide for the circumstance if your main beneficiary dies first. This is not absolutely necessary but we would say it is unwise not to provide for an alternative. As with the gift of residue this alternative gift can be to one person, a number of named persons in equal or unequal shares or to a class of persons. In our standard Will we provide for you to make your children as the alternative beneficiaries. It is important for you to know that if a child who is taking a benefit from your estate dies before you then the child's children (your grandchildren) will take the share that your child would have received. If there is more than one grandchild in this circumstance then they will share equally.

 

 

 

Why should I make a Will?

 

Dying intestate under Scottish law means that you have not made a valid Will. If this occurs, it means obtaining Letters of Administration and appointing your administrators which can take months and in some cases even years to sort out. This can mean that your surviving spouse may have a period without access to the money that is part of your estate and this can last for some considerable time.

 

What will happen if I don’t make a Will?

 

If you don't have a Will, your assets will be distributed by the authorities according to the rules of intestacy which were put in place many years ago. Needless to say, they don't bear much relation to modern personal and family situations and the law decides who benefits from your estate, not you.

 

How often should I review my Will?

 

You should review your Will at least every three to five years or sooner if your personal circumstances change. For example, additions to or deaths in your family or financial changes which affect your Inheritance Tax liability. 

 

Does marriage, civil partnership or divorce affect my Will?

 

If you marry or enter into a civil partnership after making a Will, the Will is automatically revoked unless the Will expressly states that it is made in contemplation of the marriage or civil partnership. If you get divorced after making a Will, the Will remains valid but any gifts or appointment of your former spouse will fail.

 

Where should I keep my Will?

 

There is no formal requirement as to where a Will should be stored but you should inform your executors where it is. We provide a secure Will storage service at minimal cost. It is not advisable to keep a Will in a safety deposit box because after your death, your executors will not be able to open that box without obtaining a Court Order. 

 

How many Executors can I choose?

 

You can have as many Executors as you like, but the Law only allows a maximum of four to act at the same time.