By writing a Will, you get to decide who should benefit from your Estate. Your Estate includes all your assets eg your home, money, valuables.
If you die intestate (without a Will), then the Scottish law of intestacy will determine who will get your estate.
For example, a surviving spouse or civil partner will not necessarily inherit the whole estate and in some circumstances, part of the estate will pass to parents and siblings in preference to the spouse. If you are not married to your partner the law of intestacy will provide no automatic rights to your estate: your partner will have to petition the Court to ask for provision within 6 months of your death, and if there are children then things become even more problematic. A Will allows you to provide for your loved ones and dependants.
Under Scottish Law, children become adults at 16 so if you do not leave a Will your children will receive their inheritance on their 16th birthday. If you have a Will you can ensure that the funds are held in trust under the control of trusted advisers or family members until the children are old enough to take on this responsibility. Likewise, if you wish to benefit beneficiaries who have physical or mental disabilities you can ensure that any inheritance will not affect state benefits.
The Nil Rate Band is the amount which you can leave before tax becomes payable. When discussing a Will you can also take advice on what you might be able to do to limit your exposure to Inheritance Tax.
If you have to go into care in your later years the state will expect you to pay for your care. In Edinburgh care costs can range from around £580 - £1600 per week - a staggering £25000 - £86,000 per year. In the case of a couple, it is possible to structure their Wills so that the survivor does not own all of the joint assets outright and therefore the assets are at least partly protected for future generations.
The loss of a loved one is a difficult time for those left behind. There are so many things to do that it can be quite overwhelming. Having a Will in place makes the legal process quicker and easier for everyone. Making a Will really is one of the most helpful things you can do for your loved ones.