Throughout our lives, we remember our departed loved ones. When we do, we might start to consider our own futures. We may wish for an heirloom or our home to go to a dear friend. We may want to appoint a guardian to our children, or just make things easier for our relatives when the time comes. Whatever the reason, a Will gives you the peace of mind to face the future.
There are three main benefits to having a Will: choosing your Executors, specifying to whom things should be given, and it being much cheaper than dying without having written a Will, in which case, you are ‘intestate’; having a Will means that you are ‘testate’.
Your Executors have the task of ensuring that your wishes are carried out properly in accordance with the instructions in your Will. They will administer your estate and make decisions if something unexpected happens. You can appoint whomever you wish. If you die intestate, an application will have to be made to the Sheriff Court for the appointment of an Executor; it would most likely be the closest relative who applies. Having a Will allows you to pick the best person for this sensitive position.
When you die, everything that you own is referred to as your ‘Estate’. If you die intestate, it will be divided up and go to the people specified by law, and in the obligatory proportions; there is no discretion. A Will avoids such a division and lets you choose the people to benefit from your Estate.
Having a Will is more cost effective for your Estate in comparison to dying intestate. Your family tree might need to be reviewed to ensure that everyone entitled to a proportion of your Estate has received the correct amount if you do not have a Will. As can be imagined, the legal fees can be quite high in this scenario.
Thus, you should have a Will drafted because: you can choose your Executors, you can decide how to distribute your Estate, and you can expect a saving on legal fees.
Contact Miller Hendry today to plan for the future by making a Will.