For those of us fortunate enough to remain healthy, the unprecedented lockdown is seeing a rise in people wishing to make the most of their newfound spare time. Whether you envisage making Joe Wicks proud by increasing your fitness levels or trying new pasta-based recipes, there are also some important and tangible goals you can set to organise your personal affairs.
Whilst you are full of good intentions, may we present to you Murray Beith Murray’s “Self-isolation Schedule” (and you will be pleased to know that they are all relatively simple to put a satisfying tick next to!).
This will take shape in a series of four blogs over the week, which will share a total of seven tasks to which you could put your mind.
First on the list is a reminder to put in place a Will or ensure your existing Will is up-to-date.
Wills are imperative to guarantee your assets pass to your nearest and dearest. It is all too common a misconception that when you die, the law will automatically take care of matters for you. Many are of the view that your estate will simply pass to your spouse, civil partner, partner or children. Unfortunately, this is not always the case.
Alternatively, you may have a strained relationship with family members and wish to ensure that they do not inherit under the terms of your Will. By considering your Will, you can obtain appropriate advice about Legal Rights (where children and spouses have an automatic entitlement to a proportion of your net moveable estate) and any measures that can be taken.
Drafting a Will allows you to take control and ensure nothing is left to chance. Wills allow you to make provision for the following:
For example, your children may require sums to pay for a deposit on a property so the Trustees could advance sums to them accordingly even if they have not turned the specified age. Trusts can be used for various other reasons too; the list of possibilities is vast.
Wills are not as complicated as you may fear. If you already have a Will, it is important to keep it updated and ensure it is an accurate reflection of your wishes. Our previous blog stressed the importance of updating your Will.
We recommend reviewing your Will every three to five years or after a significant life event e.g. getting married or having children.
Our recent blog also illustrates how your Will can be signed at a time of social distancing.
Murray Beith Murray remain committed to providing you with a full legal service during these extraordinary circumstances. If you have any questions about the issues covered here, or if you would like to discuss estate planning with our solicitors, please call us on 0131 225 1200 or complete our contact form.