It is never too early to make your Will. We will be pleased to meet you to discuss it after you have read this. If your instructions are clear and final, we usually manage to complete the Will for you to sign while you wait. If you can't come to our office, we can visit you at home (if in Fife) or take instructions by phone, letter or e-mail.
Domicile
You should consider making a Will in any country where you ultimately intend to reside, since that may be your country of domicile, the laws of which may determine how your estate is dealt with after your death. This does not mean that you should not also have a Scottish Will for estate in Scotland.
Executors
It is best to have at least two executors, ideally younger than you are. They can, for example, be your spouse, son or daughter, or other relation. It is common to appoint a Solicitor as Executor, particularly if there may be any dispute in the family after you die.
Bequests of things
If you have a number of things that you wish to leave to people, bring a list with you with the names of those who are to receive them.
Your house and pension
It is common for married couples (and sometimes unmarried couples) to take title to one's home in the name of both husband and wife and the survivor . This means that regardless of the Will the house goes to the spouse (or named partner) on your death. You can override these arrangements except by entering into an agreement.
If you are a member of a pension scheme and have not yet drawn your pension, there should be in place an ¡°expression of wish¡± or nomination of your intended beneficiaries. Then the amount payable if you die before taking your pension will be outside your estate for Inheritance Tax purposes.
What if a beneficiary dies?
If one of your beneficiaries dies before you, leaving children, most people will want the children to receive what their parent would have received. The Latin term per stirpes ("by the roots") is a convenient way to express this principle.
When should children inherit?
You may want to provide that under-age beneficiaries should inherit at 16 (the minimum) , 18 or (though for larger estates there may be Inheritance Tax complications) 21, 25 or even later. Until then, you can permit your executors to use the income and, if you wish, the capital for their maintenance, education and welfare. You can make this wider and substitute for "welfare" (what is good for them) the word "benefit" ( holidays etc). We suggest that children receive the income of their prospective share from 18.
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Legal rights
Your spouse or civil partner and children have certain rights to your moveable estate (not land or buildings) which you cannot defeat by your Will, but you can, before you die, give away your estate. Someone who has cohabited with you before your death can seek a court order for part of your moveable estate (i.e. excluding the house) if you leave no Will.
Funeral arrangements
Organ Donation leaflets and cards are available in our office. If you wish your body to be left for medical research, contact the university concerned and speak to their Department of Anatomy, which will give you an explanatory note.
Fees
Details will be given before we do any work for you.
Financial health check
Many people need to think about Inheritance Tax and about how best to invest their money. We will be pleased to advise you in both respects. If your investments are re-arranged through us, rest assured that any commissions we receive will be handed back, unless you agree to be being used to pay our fees. This is the only truly independent financial advice
Inheritance Tax
Rising house or share values, or the late inheritance of property or money from a relative, can increase the value of your estate more than you may have realised. See Inheritance Tax:Trusts for more information.
POWER OF ATTORNEY Debilitating illnesses or accidents at any time in life make it worth considering granting powers to someone you trust if your signature may be required in connection with your affairs. People may appoint their spouse, son or daughter, a friend or a solicitor or other professional person. As records have to be kept, solicitors or accountants are particularly worth considering if your affairs are complex. The deed gives extensive powers to the Attorney in respect of your affairs but, so long as you are capable, you can revoke it at any time There are various kinds of Power of Attorney:
- Non-continuing: a Power which would only last while you are capable of giving instructions - perhaps useful where you are to be abroad, or if you want a someone to look after your affairs for a limited period.
- Continuing and registered: which your Attorney can use, if appropriate, immediately it has been registered. It continues if you become incapable.
- Continuing but not yet registered: which will only come into force if you are medically certified as unable to look after your affairs.
- Welfare: which gives authority to someone else to make decisions about your private and personal needs if you no longer have the capacity to do so yourself.
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Those other than no 2 above need not be disclosed to your proposed Attorney, though it may be wise to check that he or she would accept appointment. Attorney can, if you are incapable, be scrutinised and, if necessary, supervised by the Public Guardian
Apart from the usual powers , we would want to know whether your Attorney should have powers such as to:
- borrow money (could be useful)
- invest without restriction, or only (say) in ethical investments
- make gifts to anyone, or to persons mentioned in your Will,
- disclaim bequests in your favour (when having more capital may lead to Inheritance Tax complications or the loss of social security benefits)
LIVING WILLS
We can prepare such a document for you, leaving instructions for your carers and your doctors for when you are unable to communicate and not likely to get better, if you do not want them to prolong your life. You can simply ask that you be comfortable, given water to drink, kept conscious if possible and, perhaps, allowed home Some persons may consider Living Wills are contrary to their personal or religious preferences.
ADVANCE STATEMENTS
These set out how you would prefer to treated or not treated if you become mentally ill, e.g. if you have Alzheimer's Disease. Please ask if you would like to discuss this.
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