When a person passes away, their family handles the individual’s belongings and debts. A valid will is necessary for a smooth and cost-effective process. Without it, the procedure becomes more difficult, time-consuming, and costly. The process of writing a will involves several steps, and it’s important to ensure that everything is done in the correct way.
Why Is a Will Important?
A will lets your estate go where you want after your death. Without it, Scottish Succession Law decides how to share your estate, which might not align with your wishes. This situation might cause delays, extra costs, and even conflicts among relatives. Things can get complicated, especially in families with stepchildren, estranged relatives, or other unique setups.
A will gives clear instructions. Your loved ones will feel less stressed and the asset distribution process will be much simpler.
The Cost of Writing a Will
The cost of writing a will depends on its complexity and the services required. You can expect to be charged different fees for:
- A single will
- Mirror wills
- Sharia Law-compliant wills
- Will revisions
Organisations like Cancer Research UK and the National Free Wills Network offer free will-writing services if clients agree to consider leaving a charitable legacy. These options may reduce the cost of writing a will for those who qualify.
The Benefits of Having a Will
- Control Over Your Estate
A will allows you to decide exactly how your assets are distributed. Without one, decisions are left to succession law, which may not reflect your wishes. - Fewer Disputes
By clearly outlining your intentions, you reduce the likelihood of disputes or confusion among family members. - Tax and Cost Efficiency
Proper planning can help minimise inheritance tax and other costs, ensuring more of your estate goes to your beneficiaries.
The Process of Writing a Will
- Initial Consultation
The process begins with a consultation to discuss your estate and wishes. A solicitor will identify any potential issues, such as inheritance tax planning or care cost planning, that may need to be addressed. You’ll also decide who you want as your executor.
- Detailing Your Wishes
Your solicitor will help you outline how you want your assets distributed among your family, friends, or charities. This step ensures that your specific wishes are documented and legally enforceable. If you have any unique requests or family dynamics, they will ensure these are clearly reflected in the will.
- Drafting the Will
Once your instructions are noted, the solicitor will draft your will. This draft is then sent to you for review and revision, ensuring everything aligns with your wishes. This back-and-forth process guarantees accuracy.
- Finalising the Document
After you approve the draft, the final version of the will is executed. This involves signing it in the presence of witnesses to make it legally valid. Solicitors typically provide guidance during this step to ensure compliance with Scottish legal requirements.
- Regular Updates
Life circumstances can change, and it’s important to keep your will up to date. Reviewing it periodically or after major life events (such as marriage, divorce, or the birth of a child) ensures it remains relevant and accurate.
What Happens Without a Will?
If an individual passes away without a will (intestate), their estate will be distributed according to Scottish law, which might not reflect their wishes. For example:
- Certain relatives may inherit even if they were estranged.
- Stepchildren may not automatically be entitled to inherit.
- The process of administering the estate becomes more complex and expensive, often requiring a Bond of Caution (a type of insurance).
Executors can avoid these complications by ensuring a valid will is in place. The cost of writing a will is small considering the potential issues that will be avoided by having one.
Final Words
Writing a will costs little compared to the peace it brings to you and your family. By creating a will, you can ensure that your wishes are met after you pass away. Writing a will will protect your family’s future and safeguard your legacy. Speak to a solicitor to get the ball rolling.
