Don't Hide Away From Making a Will

Don’t hide away from making a will

We all know it’s important to make a will for our family, but many of us don’t have one in place. We ask Lindsay MacLean of Gibson Kerr solicitors, Edinburgh, all about the will making process.

Do I really need to make a will?

If you have any assets, particularly if you own a house, it’s important you have a will to ensure they go where you want them to on your death. Plus, dealing with your estate after you die is quicker and usually cheaper if you have a will.

What will happen if I don’t have a will?

It depends on your situation, such as whether you are married, have children and who your nearest relatives are. If you are married, your spouse or civil partner will receive a certain amount of assets from your estate. If your estate is worth more than that amount, your children will receive a share as well. If you have an unmarried partner, they don’t automatically inherit from you and, if you have been living together at the date of your death, they could make a claim against your estate but that would mean a court action.

Is it expensive?

The costs of a will varies from firm to firm. At Gibson Kerr we charge £300 for a will (inclusive of VAT), which is about average for solicitors in Edinburgh.

How long does it take?

It usually takes a few weeks from when we first meet you to you having your will signed. But we can prepare a will very quickly and can even have a will prepared and signed the same day if needed.

Do I need to know details of everything I own?

It is useful if you come to your solicitors meeting with a list of your assets and estimated values to help them know if there are any specific issues to deal with. Additionally, you should think about whether you want to leave any specific items that you own to anyone.

Can my will contain my wishes about things other than my estate?

You might include funeral plans, if you have any. Any other points you wish to cover in your will that don’t relate to your estate or your funeral can be included in a separate document, usually referred to as a “letter of wishes” which would be stored by your will.

What if I have another child and it isn’t named in the will?

We normally try to cover the possibility of you having more children at the time your will is prepared. For instance, you can leave your estate to your existing children and any other children you may have in the future. This means that your will does not need to be updated if you have any children. It is, however, advisable to review your will regularly anyway to see if any updates are needed.

Do I need to make a will together with my partner, or separately

You each need to make your own individual will. However, if you both wish to do this at the same time and are happy letting each other know what is in your will, you can have a meeting at the same time and go through the process together.

You can talk to Lindsay MacLean, Personal Law Partner at Gibson Kerr on 0131 226 9162, or visit www.gibsonkerr.co.uk for more information.

www.gibsonkerr.co.uk 0131208 2260

editor@familiesedinburgh.co.uk