Making a Will in Scotland, a complete 10 point Guide

Making a will is a crucial step in ensuring that your assets and estate are distributed according to your wishes after your death. In Scotland, the process of making a Will follows specific legal requirements.

This step-by-step guide will help you understand the key aspects of creating a Will and will help you think about matters ahead of an appointment with a Wallace Quinn solicitor to draft your Will.

The cost to write a Will for one person is currently £220+VAT. If writing a second Will for a partner at the same time, the cost for two Wills is £300+VAT.  The first year of secure storage is included, with the annual charge thereafter £35+VAT. These prices are accurate up to 31 DEC 2023.

Making a Will Step 1: Gathering Information and Assessing Your Assets

Begin by taking stock of your assets, including properties, financial accounts, investments, and personal belongings. Make a list of your beneficiaries and consider any specific bequests or charitable donations you wish to include in your will.

Step 2: Choosing an Executor

Selecting a trustworthy executor is crucial as they will be responsible for carrying out your wishes and administering your estate. Ensure that the person you choose is willing and able to take on this responsibility and you should inform them of their role in advance.

Step 3: Identifying Beneficiaries and Distributing Your Estate

Decide how you want your estate to be distributed among your beneficiaries. Consider factors such as family members, friends, charitable organizations, and any other individuals or entities you wish to include.

Step 4: Drafting Your Will in Compliance with Scottish Law

We will work with you to ensure your Will is drafted in compliance with Scottish Law.  Some aspects of the law can come as a surprise.  For example, legal rights in Scotland are an automatic entitlement and enjoyed by the surviving spouse, civil partner and any children.  The term “children” includes any adopted and illegitimate children. Other common errors include not properly revoking previous wills.  Avoiding mistakes can prevent complications and disputes regarding the distribution of your estate.

Step 5: Ensuring Valid Execution of Your Will

To make your will legally valid, you must sign it in the presence of one witness. The witness must sign the Will, acknowledging their presence and attesting to your capacity and intent to make the Will. Every page of the Will must be signed.

We strongly recommend you consider writing a POWER OF ATTORNEY at the same time as writing a Will.  A single Power of Attorney is £350+VAT;  Powers of Attorney for a couple when prepared together are £500+VAT for both.  SPECIAL OFFER:  When purchasing a Will and a Power of Attorney at the same time, save up to £200: £450+VAT for an individual, £600+VAT for a couple.

Step 6: Nominating Guardians for Minor Children

If you have children under the age of 16, you should nominate a guardian in your Will. This ensures that if both parents pass away, a trusted person will care for and make decisions regarding the upbringing of your children. It is important to note that if there is an objection to the proposed guardian, the Scottish Courts will ultimately make the decision.

Step 7: Considering Tax Implications

Understanding the potential inheritance tax implications of your estate is important. You should seek professional advice.  If you do not have a financial advisor, you can explore options for appointing one with your Wallace Quinn solicitor.

Step 8: Storing your Will

It is important that you consider where you will store your Will once drafted.  It could be many years before it is required, so it must be stored safely and securely. Wallace Quinn clients are offered an annual Will storage plan where we will store your Will in our fireproof and floodproof safe in a secure location for £35+VAT per year.

Step 9: Reviewing and Updating Your Will Regularly

Life circumstances change, and it’s essential to review your will periodically to ensure it reflects your current wishes. Major life events such as marriage, divorce, births, or deaths in the family may require updates to your Will.  As a rule of thumb, you should review whenever anything significant happens in your life, or if it has been five years since you’ve last reviewed it.  Wallace Quinn clients who take our annual storage plan receive basic changes to their Wills at no additional cost.

Step 10:  Making your Will – Make an Appointment with us today!

Making a Will empowers you to determine how your assets will be distributed and ensures that your loved ones are taken care of according to your wishes. Remember, seeking professional guidance is crucial to ensure your Will meets legal requirements and you can start the process with a Wallace Quinn solicitor by contacting us at our Glasgow or Livingston office.