The importance of making a Will is often overlooked, with many people believing they are too young or simply not rich enough for it to be pertinent to them. In reality, having a carefully planned and well-written will is salient to everyone and can be of great consequence to the family left behind.
The Importance of Writing a Will
Scottish inheritance law differs to that in England, and therefore proper guidance and advice is of vital importance when estate planning and Will writing in Scotland. If you are making a Will in Scotland, Turcan Connell's team of experts will ensure it is comprehensive and fully enforceable, providing peace of mind that your wishes will be carried out and that your wealth will be passed on as you would want. Many people are still unaware that dying without a Will can result in wealth passing in ways that the individual neither expected nor desired.
Tax Implications to Consider
Writing a Will forms only one part of the estate planning process, and tax planning should also be incorporated for maximum efficiency. Inheritance tax can vary depending on personal circumstances and careful planning should be considered as part of the Will writing process. There are wider asset protection issues to be considered, particularly in relation to young beneficiaries and instructions about the care of children should also be addressed.
Potential Pitfalls when Making a Will
A poorly written or ambiguous Will is often more detrimental than no Will at all. Contentious Wills and trusts and challenges to a Will are financially and emotionally draining. Turcan Connell's estate planning experts will provide straightforward and pragmatic advice to ensure your Will is well structured and clear-cut.
It is important to review your Will every few years to ensure that it still meets with your wishes and changing circumstances and is still effective given any tax or legal development.