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Many people are reluctant to put in place a Will.  Some feel they are too young and do not wish to consider making a Will until later in life or they become seriously ill.  Others feel they have insufficient assets or are comfortable that their family will follow their instructions.   Regardless of your age or how modest or straightforward you think your estate is, we recommend all our clients put Wills in place.

Most importantly, your Will determines who receives assets from your estate.  You may wish to leave legacies of particular possessions (either because they are valuable or have sentimental significance) or cash sums to named individuals or charities. The remainder of your estate will then pass to your chosen beneficiaries. Without a Will, your assets must be distributed in accordance with a hierarchy laid down in law, rather than in accordance with any wishes you may have informally expressed.  This can lead to surprising results in practice.

If no Will is left there will also be increased legal fees and expenses, as well as a longer administration period.  This means there will be a greater delay before assets are made over to your beneficiaries.

A Will allows you to make provision for young and other vulnerable beneficiaries, often through the use of trust structures.  In addition, you can also appoint a trusted relative or friend as Guardian to your young children. 

For wealthier clients, Wills can be used as a tax planning tool, helping preserve your assets for your chosen beneficiaries. 

No matter what your personal circumstances are, it is vital that you put a Will in place to ensure that your estate passes in accordance with your wishes. 

If you would like to prepare a Will, or review the terms of your existing Will to ensure it remains fit for purpose, please do not hesitate to contact any member of Stronachs’ Private Client Team.

 

 

 

 

Chambers UK 2106

Contact Info

ABERDEEN OFFICE
34 Albyn Place, Aberdeen AB10 1FW
Tel: +44 1224 845845

 

INVERNESS OFFICE
Camas House, Pavilion 3, Fairways
Business Park, Inverness IV2 6AA
Tel: + 44 1463 713225

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