Wills & Trusts

None of us really want to consider our demise but unfortunately, in Scotland, 70% of people do not have a robust proper Will in place should they pass away and this can result in severe problems for surviving spouses, partners and children.

If You Die Without A Will Your Children May Be Looked After By Social Services!

Fact: If your children are orphaned and you have not appointed a guardian in a Will, then Social Services or a judge can decide who looks after them including allocating them to Foster Parents! Writing a Will may be something you've been thinking about for many years. The reasons for having a Will are many but if for no other reason a Will makes life a lot easier for those you leave behind at a time of sorrow. If you die without a Will (Intestate) your family has to sort out many administrative items and are obligated by the decisions made by law as to who inherits what, decisions you should have really already made by writing a Will.

Fact: If you have not made a Will even your life insurance policies may not payout until probate has been granted unless they are written into Trust! (Probate will take many months, sometimes two or three years to be granted!) that could lead to mortgage arrears or even repossession!

Fact: If you do not make a Will, your spouse or family will have to employ a solicitor to sort out the problems caused by your dying Intestate! They would be lucky to get change out of £5,000 and in all probability the solicitor's bill could cost up to £10,000 for the average property owning family. There are literally hundreds of excuses for not making a Will! What's yours?

As to when should you write a Will, the answer is NOW there may be plenty of life in you yet, but accidents and illness have absolutely no respect for age. Also bear in mind that a modern Will is written in such a way that it shouldn't need much changing, so it's not something you have to think about often (however, a review is recommended every few years).

By making a Will: YOU can determine precisely who will inherit your property and let your loved ones know that you have considered their needs. Equally important, you can determine who your executors will be to administer your estate and who will act as guardian for any minor children, if they are left without a surviving parent. It is also advisable to make or review your Will after any significant changes in your life. For example, you should make a new Will if you are getting a divorce. Without a valid Will you cannot control who will inherit your property after your death. Should you die intestate (without a Will), your estate will be distributed according to law, which is likely to be inconsistent with your personal wishes. In some cases your estate may go to the Crown instead of the people you want to benefit.

Are You Concerned About Losing Your Family Home To Pay For Care Fees?

Anecdotal evidence suggests that anything between 40,000 and 70,000 family homes are sold each year to cover the owner's care fees. Parents are also seeing nest eggs built up as intended inheritances for their children decimated over short periods once they are in care.

With advance planning this need not be the case. There are ways to protect the family home for the next generation. The solution is to ensure that the home is not personally owned on entry into care. The local authority's financial assessment can then legitimately and properly be completed on the basis that the home is not a capital resource of the resident.

The solution involves splitting the property title and putting your share into Trust leaving the remaining share owner with a guaranteed right of residence in the property for the remainder of his or her life. The trustees, usually the children, cannot evict the former owner in any circumstances. 1 in 3 women and 1 in 4 men currently go into care.

With our ageing population this figure could rise to as many as 1 in 2 people in the near future (Source: Help the Aged). Average care home fees cost somewhere between £35,000 and £50,000 per annum depending on level of care required. Two thirds of 45-65 year olds have made no financial plans to pay for long term care, or to protect their assets. Bearing the above in mind, this would leave our loved ones with more unnecessary pressure after we have passed away.