Making a Will is something that many people put off. However, it is important to take steps now to ensure that your family will be protected should the unthinkable happen.
While many people appreciate the importance of putting in place a Will, many of those who decide to take this step are unaware that the rules governing inheritance are different between Scotland and England. When putting a Will in place, it is therefore necessary to consider whether a Scottish or an English Will is appropriate. This decision can have a significant impact when distributing your estate at a later date.
As I wrote in my article on 26 November 2018, the Scottish Government provided a useful update at the end of last year regarding their plans for Succession Law Reform. That update removed some of the uncertainty that has existed for the past few years but still left a number of issues unresolved. To make further progress, the Scottish Government recently released a Consultation on the Law of Succession, focussed on what should happen if someone dies intestate (without a Will).
In today’s society, we are seeing a dramatic increase in individuals with digital assets. From social media, email, photo storage and music streaming these are only some of the many non-tangible assets that people are amassing. An increasingly common problem is how these assets are managed and dealt with following death.