WHAT HAPPENS IF I DIE WITHOUT A WILL?
What is Intestacy and how does it affect an Executry?
You may hear of the expression “he or she died intestate” which essentially means that the person died without having a Will in place. When a person dies “intestate”, the Court will have a greater involvement, resulting in a greater cost to the deceased’s estate. The estate also has to be distributed in accordance with the rules of intestate succession.
As a result, there is a greater risk of the distribution of assets not being entirely in line with what the deceased may have wished for. This could adversely impact on close relatives, friends or in some circumstances, even partners who might have inherited a share of the deceased’s estate, had the latter expressed their wishes via a will.
Find out more when you get in touch with our expert succession team in Dundee, Brechin or Cupar. You can also email contact@thechamberpractice.co.uk. Enquiries are re-directed to the relevant local specialists in your area.
Why do I need a Will?
A Will gives you the freedom to choose how your estate will be distributed. A person’s assets could be anything from a property built on hectares of land to a fishing rod or even costume jewellery which may hold a special meaning to someone.
Having an up-to-date Will not only gives that peace of mind, it also allows you to decide who your Executors will be. Guided by Solicitors, Executors ensure that the terms of the deceased’s Will are adhered to throughout the process of the administration of their Executry estate.
Contacting a Wills and Estates Solicitor
If you don’t have a Will, don’t delay… Get in touch with a Solicitor and make an appointment. In most cases, the process will be quick, relatively pain-free and the Solicitor will prompt you to think of potential scenarios which ought to be considered when planning the distribution of your estate. They will also store your will safely for you, thereby limiting the risk of it being misplaced, lost, destroyed or tampered with.
Should I update my Will?
Keeping a Will up-to-date is another important consideration. New assets get acquired or relinquished. Some relationships evolve, others end. In some situations, dying with an outdated Will can have worse consequences than doing so “intestate”. When your circumstances change significantly, ask yourself the question “Should I now amend my Will”? It’s definitely worth a few minutes of thinking time.
Click here to contact our local offices in Dundee, Brechin and Cupar. Our team of specialist solicitors and paralegals are experts in Wills, Powers of Attorneys and Executry services, with a strong focus on client care. You can also email us here
