Recent research estimates that only about 30% to 40% of the population in Scotland have a Will. This figure varies depending upon demographic factors such as location, age and income. If you die without a Will then this can lead to complications and uncertainties regarding the distribution of your estate. The cost of administering an estate without a Will is also higher.

Preparing a Will involves several key steps to ensure that the document is legally valid and accurately reflects your wishes regarding the distribution of your estate.

Here is a step-by-step guide to help you through the process.

What is a Will?

A Will is a legal document that outlines how your estate should be managed and distributed after your death. A Will can provide peace of mind for you and your loved ones.
In your Will you can also appoint guardians for minor children and outline any specific wishes regarding funeral arrangements. While not mandatory, seeking legal advice from a solicitor can help ensure your Will is valid and effectively reflects your wishes.

Legal Requirements

The person making a Will (the testator) must be at least 12 years old and they must have the mental capacity to understand the nature and effect of making a Will. A Will must be prepared in writing and it must be signed on each page by the testator. The Will must be witnessed by one person who must also sign on the last page. The witness must be over the age of 16 and should not be someone who is mentioned in your Will.

The Executors

An Executor is a person appointed in the Will to manage your estate and to ensure that your wishes are carried out. Executors are responsible for collecting and valuing the deceased’s assets, paying any debts and distributing your estate according to your Will. Executors can be family members, friends or professionals, such as solicitors. We would recommend that you choose people who are reliable and trustworthy for this role. You can have more than one Executor. If you only appoint one person, then it’s advisable to have a backup in the event your sole Executor is unable to act.

Your assets

It is important to ensure that all your assets are covered, including property, bank accounts, investments and personal belongings. Be as specific as possible about how you want your assets to be distributed.

As we are now living in a digital age, it is also important to consider whether you should include a digital assets clause. For example, digital assets can include online only bank accounts, cryptocurrency and social media profiles. If you do not give your Executor power to deal with your digital assets, then this could lead to complications in managing this aspect of your estate.

Choosing beneficiaries

You will need to decide who will inherit your assets. This may be family members, friends or charities. If you have more than one beneficiary, it is important that you clearly specify how you want your assets to be divided and distributed. You should also consider alternative beneficiaries in the event your primary beneficiary dies before you.

Tax implications

Proper planning can help minimise tax liabilities. We would always recommend that you seek professional advice to manage your estate effectively.

Amendments and revocation

A Will can be amended or revoked at any time by the testator as long as they have capacity to do so. If small amendments are required to the original Will then a Codicil can be prepared – this is a short legal document that makes changes without having to prepare a whole new Will. If a new Will is made, it should explicitly revoke any previous Wills to avoid any confusion.

Storing your Will safely

Your Will should be kept in a secure place such as in a safe or with a solicitor. If you do not retain the principal then a copy should be kept at home. It is a good idea to let your Executor and close family members know where to locate your principal Will.

Review and update regularly

We recommend that you review and update your Will regularly especially after any major life events such as marriage, divorce or the birth of children, all of which can impact how your assets will be distributed.

Intestacy

If a person dies without a valid Will, they have died “intestate”. In that case, the legal rules of Succession will dictate how an intestate estate is distributed. The rules can be complex and may lead to your assets being distributed in a way that you would not otherwise want, so having a Will in place ensures that your estate is distributed according to your wishes rather than under statutory rules.

Conclusion

Preparing a Will is a crucial step in ensuring that your wishes are respected after you die and that your estate is managed in a manner that reflects your intentions. While not strictly necessary, discussing your Will with family members during your lifetime can also help to prevent misunderstanding and conflicts later down the line.

Whether you are preparing your first Will or updating an existing one, seeking professional advice from a solicitor can provide invaluable guidance to help ensure that your Will is legally valid and that your estate is dealt with as efficiently as possible.

For further information and advice on preparing a Will, please get in touch with our friendly private client team.