FIVE GOOD REASONS TO MAKE WILL The vast majority of adults in Scotland (around 70%) do not have a Will.

This may be because people generally do not like to think about their death. This may also be because many people are under the misconception that a Will is not necessary since their estate will automatically be inherited by their spouse and children. Here are five reasons why we believe that EVERYONE should have a Will:1. Your wishes will be respected Making a Will is the ONLY way to ensure that your wishes will be respected (subject to the Scots Law principles of Prior Rights and Legal Rights which we can discuss with you further if required). If you die without a Will, then your estate will be divided up and distributed according to the Scottish laws of Intestacy. The rules of intestacy can never be deviated from. Many people assume that where there is no Will, a surviving husband or wife will automatically inherit everything. This is not the case. Certainly, a surviving husband or wife will always have a large claim on the intestate estate, however other relatives will also be entitled to claim if the value of the estate reaches a certain limit. For example, a surviving spouse is only entitled to a 300,000 share in the house that he/she lives in. If the house is worth more than 300,000 the surviving spouses claim will be limited to that amount meaning that the house would possibly need to be sold so as to satisfy the surviving spouses claim. Another common issue which can arise when there is no Will relates to the rights of a co-habitant. Until fairly recently, co-habitants had no rights whatsoever to an intestate estate. New legislation does allow a co-habitant to apply for certain rights through the Courts. However, such an application has to be made within six months of the date of the intestates death and any surviving spouse and all other relatives with intestacy rights will continue to have an automatic right to a share in the estate. The Court proceedings involved can be lengthy and expensive. Furthermore the co-habitants entitlement to the estate is never be guaranteed. The Courts have discretionary powers and the cohabitants chances of success will depend upon the individual circumstances of the case. This means that the co-habitant will have to prove that the relationship was a strong one and the deceased would have wanted them to have a share of the estate. 2. Your childrens welfare will be more certain Anyone with children under the age of 16 should have a Will for two main reasons. Firstly, if you do not have a Will your child/children will automatically inherit their share of your estate when they turn 16. If you draw up a Will you can defer the payment of their inheritance until

they reach say 18 or 21. You can stipulate that a Trust should be set up so that your childs financial needs will be met until they reach the age at which they inherit their share. Secondly, in a Will you can nominate Guardians for your children. Most parents have strong feelings about who they would like to look after their child/children if they died before the child/children reached adulthood. If there is no Will, then Court proceedings would possibly be necessary so as to decide who would look after your children. 3. Your family will be saved from unnecessary stress and hardship Winding up a person's estate after they die can take a very long time, sometimes several years. If there is a Will, this will speed the process up considerably and will also save money on legal fees, thus making things a little easier for your family at an already difficult time. 4. You can nominate your Executor/s When you make a Will you will name who you wish to appoint as Executor/s. The Executor is responsible for ensuring that the deceaseds estate is wound up in accordance with the terms of their Will. When there is no Will, an Executor will appointed by the Court. The Court will normally appoint a surviving spouse or next-of-kin to act as Executor. Winding up an estate can be extremely complex if the estate is a large one and the duty of the Executor can be onerous. Therefore for many reasons, it may be that a family friend or Solicitor would make a more suitable Executor than the surviving spouse/next-of-kin of the deceased.

5. It may be possible to reduce your tax liability Due to increased property prices, etc Inheritance Tax is no longer considered to be a tax only on the wealthy. There are a number of ways in which a Will can be drafted so as to significantly reduce the amount of inheritance tax which will be charged on your estate, or even eliminate it altogether.

Please feel free to contact Karen Smith, Lindsey Devine or Amy Ieropoulos for further advice on any of the areas covered above or to make an appointment. Our fees for the preparation of a Will start from as little as 70 + VAT.

Moore & Partners LLP Lennox House, Lennox Road, Cumbernauld G67 1LL TEL: 01236 727715 FAX: 01236 730570 WEB: www.moorepartners.com