Page 3 - Why Make A Will
P. 3

WHY MAKE A WILL (SCOTLAND)



               2. Appoint Executors



               When you draw up a Will you will appoint Executors. The Executors are the people who are responsible for the
               winding up of the estate. You can therefore choose the most appropriate person, the person you would want to
               do that intimate and sometimes difficult job. If you do not draw up a Will the Courts will appoint a relative to be
               the Executor. For many people that person might not the person you would have chosen to be your Executor.


               3. Avoid Delays and Legal Costs



               There are more procedures to be followed in the legal administration of winding up of an estate where there is no
               Will. Obviously this means it will take longer for your estate to be wound up and distributed and it will incur
               additional administration and legal costs.


               4. Provision for Children


               Every parent with children under the age of 16 should have a Will in place. If you do not have a Will your children

               will automatically inherit their share of the estate at the age of 16. If you draw up a Will you can defer payment of
               their inheritance to say 18 or 21. You can also set up a Trust to ensure their needs are met until they reach this
               age.   Also you can nominate Guardians for your children. Most parents have a strong feeling about who they
               would like to look after their children if they died prematurely.


               5. Tax Savings


               A will can be drawn up in a number of ways to minimise your liability to Inheritance Tax and in some cases
               Capital Gains Tax. It is no longer the case that Inheritance Tax is a tax on the wealthy. Due to the surge of
               property prices recently many home owners will find that their estate will be liable to Inheritance Tax on death.

               Specialist advisers can draw up Wills in such a way that they can often minimise an estate’s liability, sometimes
               quite considerably.


               On these 5 reasons alone it can be seen just how important it is to draw up a Will. It is false economy to think
               you do not want to go to the expense of making a Will. Your family could suffer for this decision.






















                                                         Page 3
   1   2   3