Smith & Valentine Solicitors

Isle of Whithorn

Smith & Valentine - Legal Services - Wills...

WILLS

Our Solicitors are experienced in all aspects of Will preparation, succession planning and asset protection.

If you want to determine what is to happen to your assets and possessions following your death you must make a Will. If you do not make a Will and die intestate the law will determine who should inherit.

When contemplating making a Will you should think about the following:

1. Who you would want to oversee the carrying out of your wishes?
2. Who you would want to inherit under the Will?
3. If you have children under the age of 16 (the age of legal capacity in Scotland) who you would want to look after your children?
4. Do you have any express funeral instructions?
5. How could any wishes be affected by a Legal Rights claim?

The terms used by Solicitors in this area can be rather technical and we have compiled a plain English guide to various technical terms:

Executors
People who are appointed to carry through the wishes expressed in your Will after your death.  They may also be referred to as Trustees.

Pecuniary Legacy
A gift of a fixed sum of money left to a beneficiary in a Will.

Specific Legacy       
The gift of a specific item.

Beneficiary
Someone who is to receive something under your Will.

Your estate
Everything that you own at the date of your death.

Confirmation
The document issued by the Sheriff Court more familiarly known by the English term of Probate.

Intestacy
The situation which arises when someone dies without making a Will.

Inheritance Tax (IHT)
The tax payable on death at forty per cent over the threshhold applicable at the date of death.

Residue
What is left after taxes, any other debts and legacies and expenses of administration have been deducted. 

Legal Rights
Legal Rights can be claimed by your spouse and your children over part of your moveable estate, even if you have made a Will providing otherwise.

Moveable Estate
Estate that is not heritable (heritable estate being land and buildings).

Please also see our Frequently Asked Questions (FAQs) Section for further information or contact us to discuss.