Only around half of UK adults have made a will, according to charity campaign Will Aid.
When those with a will were questioned about what prompted them to write it, one of the most common reasons given was hitting a significant birthday. In fact, 20% of those interviewed said landmark birthdays, such as turning 30, 40 or 50, were the primary reason for making their first will.
In reality, how old you are should not be a major factor in deciding whether or not you should put in place a will, says Will Aid, and having a professionally drawn up will is the best way to help ensure your wishes are met. You should never just assume that your assets will automatically pass to the people closest to you.
Key reasons for making a will include:
If you do not leave a Will you are said to have died "intestate." The distribution of your estate is then governed by the provisions of the Succession (Scotland) Act 1964. It is unlikely that the provisions of the Succession (Scotland) Act 1964 will reflect your wishes for the distribution of your estate.
The Family Law (Scotland) Act 2006 may provide a cohabitant with certain rights in the estate of their deceased cohabitant if the deceased cohabitant has not left a Will. The only way to leave a cohabitant (who is not a spouse or civil partner) a significant and certain portion of your estate is to have an appropriate Will.
For expert legal advice on writing or updating your will, contact us to speak with one of our specialist will writing lawyers today.