Making a Will ensures that your money and possessions will be dealt with as you wish after your death. In some situations, if you do not make a Will, the results can be particularly unfortunate for your family or partner. If you own a house or flat, it is even more important to draw up a Will.
Costs of Making a Will
This tends to vary according to how complex your financial affairs are. For a simple Will, the cost is relatively inexpensive - at andersonbain, the typical charge is around £100.
Executors are the persons (or institutions) you appoint in your Will to deal with your estate after your death. It is their function to implement your instructions and administer your estate in accordance with your wishes. Generally, you would appoint your partner, children, close friends or relatives as Executors. Very often your solicitor will be co-executor (although this is not essential).
Who should I provide for?
Usually, people leave their assets to their closest relatives. At andersonbain we can advise whether, for example, you should leave all your estate to your spouse/partner, or whether part should be left to your children. Often a Will can be used as an opportunity of saying "thank you" to a good friend or making a charitable donation.
If you own a house jointly, you would normally want to make sure that your co-owner inherits your half-share. This does not always happen automatically and can cause enormous difficulties for your co-owner if he / she does not inherit your share.
Your Will can be changed at any time. However, to ensure these changes are not subject to challenge, please get your solicitor to make these changes for you.
You may have to pay tax if you have a large amount of property to leave. If so, it is important to take advice from a solicitor who may be able to significantly reduce your tax liability.
Wills & Executry Advice Edinburgh & Aberdeen
For expert wills writing advice in Edinburgh, Aberdeen or the surrounding areas, please call Anderson Bain on 01224 456 789 or click here