Wills

An up to date will ensures that on death, your estate goes to the beneficiaries of your choosing and therefore keeps you in control.

It also ensures the winding up procedure (known in Scotland as Confirmation) doesn’t incur additional costs and delays.

By making a will, this will allow you to appoint Executors of your choosing, so you will have people you trust to wind up your estate on death.

If you have young children a will allows you to name Guardians to raise your children in the event of their parent’s death. By not making this provision, your children may end up in care whilst the court decides who brings them up.

Many people believe that even without a will, your estate will go automatically to your next of kin, however this is not the case.

The current order of inheritance in Scotland should you die ‘Intestate’ (without a will) is as follows:

• Prior Rights- This gives the surviving spouse or civil partner rights on your estate up to a certain value
• Legal Rights- This gives the surviving spouse and children entitlement to certain assets (not property), again up to a certain value.

If there are any assets still left, then the order of who shall inherit is as follows:

• Children
• Parents and Siblings
• Spouse
• Aunts and Uncles
• Grandparents
• Great Aunts and Great Uncles

If there are no surviving relatives, then the Crown will take all of your estate unless you name an alternative in your Will.

As you will see, by not having a will you lose complete control and your estate may not go to the people you want it to go to.

Carnegie Wealth Management will make sure your wishes are carried out on death.