Writing a Will or placing assets in Trust gives you peace of mind.
Ensure that your final wishes are carried out and that your loved ones are cared for, even after you’re gone.
Don’t put it off any longer.
WILL WRITING
What is a will and why do I need one?
POWERS OF ATTORNEY
What is a Lasting Power of attorney and why do I need one?
What is a will?
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die.
It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.
Sometimes known as your last will and testament, it’s a legally-binding document – but if you don’t prepare it properly, it may not be valid.
If you die without one, your estate will be distributed according to strict rules, meaning the people you care about may lose out.
Why should I make a will?
Black
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die.
It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.
Sometimes known as your last will and testament, it’s a legally-binding document – but if you don’t prepare it properly, it may not be valid.
If you die without one, your estate will be distributed according to strict rules, meaning the people you care about may lose out.
What is a wiil?
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die.
It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.
Sometimes known as your last will and testament, it’s a legally-binding document – but if you don’t prepare it properly, it may not be valid.
If you die without one, your estate will be distributed according to strict rules, meaning the people you care about may lose out.
Make a will to name your children's guardian
If you don’t, the decision could be left to the family courts, who may choose a person you wouldn’t agree with.
You may have named friends or family members to be your children’s godparents, but this isn’t legally-binding.
Ensure your children are provided for financially
You may wish to consider setting up a trust to provide for your children, as this gives you an element of control over when your children receive the money, and what it gets used for.
There are two ways to set up a trust: you can either establish it while you are still alive, or leave instructions for it to be established when you pass away. See our guide to will trusts to learn more about your options, and how different types of trust work and what they might cost.
Provide for your dependents, including step-children
If you want to provide for your step-children, you’ll need to write a will that includes them. The same goes for foster children, or any other dependents who may rely on you for support.
Protect your partner if you're unmarried
Writing a will ensures your partner will receive their fair share of your estate.
Safeguard your family home
You can leave them a share of the property in your will, or a right to reside in the property.
Head off family disputes
Contested wills can be damaging to relationships among your family, and can also be expensive if decisions about your estate are legally contested.
A well-prepared will can help avoid these arguments, and avoid making your passing even more stressful for your survivors.
Avoid paying more inheritance tax than you need to
Anything left to your spouse or civil partner will be automatically exempt from inheritance tax. Leaving property to your children and grandchildren is also likely to generate a lower inheritance tax bill than leaving it to others.
A well-prepared will can help avoid these arguments, and avoid making your passing even more stressful for your survivors.
Create a legal will if you're recently married
In Scotland, on the other hand, prior wills are not automatically invalidated by marriage – so if you die, your new spouse may not inherit anything if your old will does not include them.
And getting divorced doesn’t override your will, meaning your ex-partner may still be in line to inherit from your estate.
As such, it makes sense to regularly review your will so it still reflects your situation, particularly after a marriage or separation.
Decide who you would like to settle your affairs
Choosing your executor in advance allows you to select the best person for the task. It also gives the executor prior warning so they can prepare themselves.
To learn more about the responsibilities of being an executor, have a look at our guide to probate.
Say who you want to look after your pets
A handful of dogs have inherited fortunes, such as German Shepherd Gunther IV, who received a nine-figure sum from his deceased owner in 1992. But it’s more common to choose someone to look after them, and put some money aside to feed them and look after their health.
Protect your digital assets
Things like emails and social media accounts also form part of your legacy – do you want the information destroyed, protected, and do you need to make passwords available to your executor?
You can find more details on this in our guide to what to put in your will.
Support a charity
As well as supporting a good cause, you could potentially reduce the amount of inheritance tax paid by your family if you leave more than 10% of your assets to a good cause. We explain how this works in our guide on what to put in your will, and you’ll find more information on how charitable bequests affect the tax you pay in our inheritance tax guide.
Black
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die.
It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.
Sometimes known as your last will and testament, it’s a legally-binding document – but if you don’t prepare it properly, it may not be valid.
If you die without one, your estate will be distributed according to strict rules, meaning the people you care about may lose out.
What is a wiil?
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die.
It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.
Sometimes known as your last will and testament, it’s a legally-binding document – but if you don’t prepare it properly, it may not be valid.
If you die without one, your estate will be distributed according to strict rules, meaning the people you care about may lose out.
Make a will to name your children's guardian
If you don’t, the decision could be left to the family courts, who may choose a person you wouldn’t agree with.
You may have named friends or family members to be your children’s godparents, but this isn’t legally-binding.
Ensure your children are provided for financially
You may wish to consider setting up a trust to provide for your children, as this gives you an element of control over when your children receive the money, and what it gets used for.
There are two ways to set up a trust: you can either establish it while you are still alive, or leave instructions for it to be established when you pass away. See our guide to will trusts to learn more about your options, and how different types of trust work and what they might cost.
Provide for your dependents, including step-children
If you want to provide for your step-children, you’ll need to write a will that includes them. The same goes for foster children, or any other dependents who may rely on you for support.
Protect your partner if you're unmarried
Writing a will ensures your partner will receive their fair share of your estate.
Safeguard your family home
You can leave them a share of the property in your will, or a right to reside in the property.
Head off family disputes
Contested wills can be damaging to relationships among your family, and can also be expensive if decisions about your estate are legally contested.
A well-prepared will can help avoid these arguments, and avoid making your passing even more stressful for your survivors.
Avoid paying more inheritance tax than you need to
Anything left to your spouse or civil partner will be automatically exempt from inheritance tax. Leaving property to your children and grandchildren is also likely to generate a lower inheritance tax bill than leaving it to others.
A well-prepared will can help avoid these arguments, and avoid making your passing even more stressful for your survivors.
Create a legal will if you're recently married
In Scotland, on the other hand, prior wills are not automatically invalidated by marriage – so if you die, your new spouse may not inherit anything if your old will does not include them.
And getting divorced doesn’t override your will, meaning your ex-partner may still be in line to inherit from your estate.
As such, it makes sense to regularly review your will so it still reflects your situation, particularly after a marriage or separation.
Decide who you would like to settle your affairs
Choosing your executor in advance allows you to select the best person for the task. It also gives the executor prior warning so they can prepare themselves.
To learn more about the responsibilities of being an executor, have a look at our guide to probate.
Say who you want to look after your pets
A handful of dogs have inherited fortunes, such as German Shepherd Gunther IV, who received a nine-figure sum from his deceased owner in 1992. But it’s more common to choose someone to look after them, and put some money aside to feed them and look after their health.
Protect your digital assets
Things like emails and social media accounts also form part of your legacy – do you want the information destroyed, protected, and do you need to make passwords available to your executor?
You can find more details on this in our guide to what to put in your will.
Support a charity
As well as supporting a good cause, you could potentially reduce the amount of inheritance tax paid by your family if you leave more than 10% of your assets to a good cause. We explain how this works in our guide on what to put in your will, and you’ll find more information on how charitable bequests affect the tax you pay in our inheritance tax guide.
What is a will trust?
Trusts are legal entities that allow someone to benefit from an asset without being the legal owner.
You create the trust and appoint a person to manage it – the ‘trustee’. The trustee manages the trust on behalf of the ‘beneficiaries’ – those who receive the income of the trust.
Establishing trusts can give you an element of control over assets you wouldn’t have if you gave them away outright. There can also be tax advantages, but that should never be the main reason for setting one up. In some cases, you could end up paying more tax by putting assets into trust.
Trusts can be complicated structures with tax implications, and you should always seek legal advice before setting one up.
There are two main types of trust that you might choose to set up: a will trust, created upon your death, or a lifetime trust, which you establish during your lifetime.
Search our services
Search our services to find what you're looking for...