Why Everybody Should Write A Will

A Will Makes Your Family Legally Safe

None of us likes to think about death, especially our own death or that of someone close to you, whether family or friend. However, having a Will in place if the worst does happen can help your immediate family immensely. Should you die intestate, that is without a Will, your estate will be distributed following the rules of your country's laws. For the majority of cases, your Estate will be passed onto your next of kin. Your Estate is made up of any assets owned by you minus any liabilities eg loans or debts to be paid. A person's Estate can amount to a few belongings such as jewellery and a little savings, or can be vast and include many assets such as property, land, shares, savings and cars.

Dying Intestate in Scotland

Without writing a Will can you be sure the correct people will receive your Estate? For instance, if you are living with a partner but are not married, they may not be entitled to your home without it being specified in a Will. You may think of them as your next of kin, but legally they are not. Any step-children that you may love and think of as your own will have no legal rights. The infographic below highlights some facts about dying intestate and the rules of inheritance law in Scotland.

How to Write A Will in Scotland

At Fergusson Law in Edinburgh, our solicitors want to make this process as straight forward as possible for all our clients. We offer our Will Writing services for a fixed fee and will provide expert advice at all times. Having a Will written and checked by a Solicitor makes it less likely that it can be contested by another member of your family. If you would like to find out more about our service or how we can advise you, then please do not hesitate to get in touch.

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Save Tax by Setting up a Trust

What is a Trust? Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance taxes. Why should you set up a Trust? Setting up a trust can help to protect your assets and save tax at the same time. For example, you might want to give your grandchild a lump sum, but not want her to spend it on the wrong things. By putting the money in trust, you can be sure that your grandchild will benefit from the money. Your appointed Trustees will manage the funds so that they are spent in line with your wishes. You could also benefit from a tax saving. How do you set up a Trust? A private client solicitor can set up and administer a trust. They will provide expert legal advice on what needs to be done to protect your assets and reduce inheritance tax. If you die within 7 years of establishing a tru...

Notary Public Services

What is a Notary Public The Law Society of Scotland states: "Historically, the notary public in Scotland has performed an important function in the legal life of the country. From the 13th Century, the notary developed distinct from the lawyers branch of the profession but in comparatively recent times these functions have enjoyed a resurgence. The influence of the Civil or Roman Law on Scotland is clear in this separate development of the notary public in Scotland. In many other jurisdictions, the distinction remains today. In England, for example, the profession of notary remains separate from that of Solicitor and although many notaries in England are also Solicitors not all are, and there are firms comprising notaries only. Notaries public play an important legal role in Scottish life where the legal validity of a document requires the swearing of an oath. Only solicitors/notaries in possession of a practising certificate can act as notaries in Scotland". N...

What Happens To Your Buy-To-Let Property When You Die?

DYING INTESTATE Do you have a Will? If you die without making a will , your estate may not be distributed in the way you would have intended, and it might cause real problems for your family. The issue is of particular concern to buy-to-let investors, who own flats and houses in addition to their family home. If you do not have a Will in Scotland , your estate is divided according to the rules of intestacy. FIRSTLY, IF THERE IS A SURVIVING SPOUSE THEY GET PRIOR RIGHTS. The family home (if they live there) up to a value of £473,000 Contents (if they live there) up to a value of £29,000 Cash - £50,000 if there are children, £89,000 if there are none. IF THERE ARE MOVEABLE ASSETS LEFT AFTER PRIOR RIGHTS, LEGAL RIGHTS APPLY These only apply to moveable assets – that is everything except houses, flats and land. Surviving spouse and children: spouse gets 1/3 rd of moveable assets, children between them share 1/3 rd of moveable assets. Final 1/3 of moveable a...

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