Do You Have A Will In Place?
3 months ago
November 1st 2019 marks the beginning of Rollos annual Will Aid campaign in which we offer to create or amend Wills in exchange for a donation to charity. Rollos has long been a proud ambassador of Will Aid, raising more than £100,000 since the charity’s inception in 1988, one of the highest overall contributors in the UK. Not only does Will Aid highlight the importance of creating a Will, it also donates to numerous worthwhile causes focused on improving the lives of those less fortunate.
The majority of people living in Scotland do not have a Will and the importance of having one cannot be understated. If you die without a Will, your estate is divided according to the law of intestacy – a set of rules under which members of your family can inherit varying sums and assets. In other words, you lose the ability to control who will inherit and how much they will receive (although it is worth pointing out that spouses and children have claims even when left out of a Will).
By making a Will, parents with young children can put in place trust funds allowing them to choose when their child will receive their inheritance. Currently, in the absence of a Will, a child will automatically inherit once they reach the age of 16, which many consider to be too young to responsibly handle potentially large sums of money.
At what is already a difficult time, the existence of a Will ensures that your chosen Executors are able to easily give effect to your wishes, preventing any unnecessary stress. Clearly setting down your intentions may avoid the need for intervention by the Courts and potentially save you significant amounts of time and money. For Executors trying to navigate their way through the distribution of your estate, where there’s a Will there’s a way.
Creating a Will is quite often at the bottom of the to-do list and many of us never get round to making an appointment with a Solicitor. People tend to avoid the harsh reality that they will not be around forever. But, a 20 minute consultation can give you peace of mind and ensure that your loved ones are taken care of. Our excellent Private Client team have a wealth of experience in Will drafting and can guide you through the process from start to finish.
Rollos will once again be taking part in Will Aid this November, but our expert team can assist you all year-round with estate planning and your other legal needs. If you would like to arrange a meeting, we have offices across Fife in St Andrews, Glenrothes and Cupar.