Wills Lawyers East Lothian
Making a Will is one of the most important things you can do to protect your loved ones and to ensure your property will be passed to your chosen beneficiaries. At Paris Steele, our Wills lawyers are not only highly knowledgeable in this area of law, but they also have excellent listening skills. We put your needs and objectives at the heart of our service, allowing us to prepare a document that achieves your individual wishes.
If you are thinking about writing a Will, you should seek expert legal advice. To find out how our team can help, contact us today.
Why Make a Will?
In the absence of a Will, your estate will be distributed in accordance with the Scottish law of intestacy, and this could have unexpected consequences. Making a Will ensures that your wishes are carried out and can also reduce the Inheritance Tax payable on your estate. Making a Will also means the practicalities of dealing with your estate will be much quicker and easier for your family, and will keep costs down.
Writing a Will is also very important for cohabiting couples, as they do not have an automatic right to inherit each other’s assets when one partner dies unless there is a Will that instructs this. If you are living with your partner but are unmarried, you should write down your wishes to ensure they are fulfilled and your partner is not left in financial difficulty.
When Should I Make a Will?
We recommend that all adults who own assets should make a Will to guarantee their wishes are respected. There are also certain situations in which we would strongly recommend that you make a Will, including if you have children, you buy or sell a property, your income changes significantly or you start your own business.
Once you have made a Will, it is a good idea to review it at least every five years and to update it whenever your personal or financial situation substantially changes. For example, if you divorce or separate and your intentions have changed, your Will should be amended to reflect this.
What Should I Include in my Will?
Your Will should provide instructions on what will happen to your money, property, possessions and any digital assets you own (if you want to include these). After your death, your assets are referred to collectively as your estate.
Details should be given for the individuals or organisations you wish to benefit from your estate and what money, property and possessions will pass to them.
If you have children under the age of 16, your Will should include your instructions on who will look after them. Your wishes relating to any older children you have should also be outlined.
The Executor(s) is the person or people you appoint to deal with your estate after your death. They will collect all your assets together, arrange for any tax and debts to be paid out of your estate and distribute your assets to your beneficiaries.
Preparing your Will
If you want to write a Will but need some more advice, our lawyers are here to help. Speak with us today and use our useful guides to find out more.
Download our Will Writing Guide here.
Download our Will Planner here.