Thinking about what happens after we’re gone isn’t fun, but it’s essential, especially for taking care of the people we love.
That’s what making a Will is all about. It’s more than just a legal step; it’s how you ensure your stuff – like your house, savings, or other belongings – goes to the people or causes you care about.
Why Make a Will?
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You get to decide who gets what from your belongings.
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If you’re not married but have a partner, a Will ensures they’re taken care of.
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If you’re divorced, you can decide if your ex gets anything.
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It helps reduce how much Inheritance Tax your family might have to pay.
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If you support people financially, a Will helps protect their future.
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You can set up a trust in your Will for your kids or anyone who might need special care.
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If you have connections to other countries or own a business, a Will can cover those situations, too.
What If You Don’t Have a Will?
Having a Will is essential to ensure that your belongings are inherited by the people you want to have them. If you die without a Will, the law will determine who receives your assets, which may not align with your wishes. In the absence of family members, the government might inherit everything, leaving nothing for your loved ones.
If you are unmarried or not in a civil partnership, having a will is even more critical. Partners who live together do not have the same legal rights as married couples. Without a Will, your partner may not be entitled to anything and could potentially lose the rights to your assets.
Looking After Kids and Dependents
If you have kids or others who depend on you, a Will is essential to ensure they’re taken care of if something happens to you.
Planning for Peace of Mind
Making a Will is about planning ahead and giving yourself peace of mind. It’s comforting to know that your loved ones won’t have financial worries during a tough time.
Inheritance Tax and Exempt Beneficiaries
If you leave everything to your spouse or civil partner, they usually don’t have to pay Inheritance Tax. But remember, the rules in Scotland are different.
Choosing Executors and Distributing Your Estate
Executors are the people you choose in your Will to carry out your wishes. They handle everything after you’re gone – from arranging your funeral to making sure your belongings go to the right people.
Reviewing Your Will
It’s a good idea to look over your Will every five years or after big life changes, like marriage, divorce, having kids, or moving. You can add to your will or make a new one to change it.
