Making a will, and keeping it up to date, is vitally important if you care about where your property goes after your death. It's easy and quick to do and gives you peace of mind that you're providing for those you leave behind.
If there is no will in place at the time of your death your estate will be distributed according to the rules of intestacy.
Although the rules are different in Scotland and England,the common factor is that the distribution of your assets will depend largely on which of your relatives are alive and how they are related to you. It is unlikely that this distribution will match what you would have wanted in an ideal world!
If you are in a registered civil partnership your partner at the time of your death will be included in any distribution of assets. However, as stated above, any allocation of assets will be affected by the intestacy rules in place and what they receive may not be what you would have intended. The position, however, for your partner if there is no civil partnership in place is particularly bleak. Basically, they have no rights under the rules of intestacy and would receive nothing.
So, making a will is a key component of financial planning and we would strongly advise using a solicitor. It is possible to create a will yourself, but expert input to avoid making a mistake that may not come to light until you are not around to rectify it, is recommended. What your solicitor will need to know are basic details such as what you own, how you want your assets distributed, family details, who the beneficiaries are, guardians for children (if appropriate) and who you want as executors.
In summary, if you don't have a will in place and you want to ensure your assets on death are distributed according to your wishes, please put making a will at the top of your financial planning agenda.
Read about the how the new rules on withdrawing money from your personal pension affect you,
Stamp duty is being abolished in Scotland and is going to be replaced by a new land transaction tax. Find out what you need to know about this change.
Journeys on the Underground and Beyond is a new collection of poetry and images from Alex Fan Moniz
© Copyright LGBT Finance Limited, 10 Melville St. Edinburgh, EH3 7NS