Updating your Will – Scotland solicitor
Did you know that according to statistics, just 30% of people in Scotland have a valid will in place? Making plans for the future is essential, and one method to make sure your desires are carried out is by creating a will. Additionally, if circumstances change over time, they may affect your wishes and necessitate amending the content of your will. The significance of updating a will, when to do it, and how to make any necessary modifications will all be covered in this post.
Scotland: The Value of Updating Your Will
Your will, which reflects your family’s financial, personal, and other circumstances at the time it was prepared, is a legally binding document. Your will should be updated to reflect events in your life, such as marriage, divorce, births, or even changes in your assets. Unexpected repercussions could include family conflicts, improper wealth distribution, or intestacy of your estate if you neglect to make any required changes.
In addition to providing peace of mind, a current and correct will guarantees that your assets are distributed according to your desires and relieves loved ones of the burden of making decisions after your death.
When Should Your Will Be Reviewed and Updated?
Ways to Update Your Will in Scotland
Complete Clarity advises examining your will regularly, ideally every five years or whenever important life events occur. The following are some instances where you might need to modify your will:
In Scotland, there are two main ways to update your will: either by making a new will or by using a codicil.
Codicil
A codicil is a formal legal document that amends your original will. It is often used for small changes like adding a new beneficiary or changing the executor. To make sure that your codicil is properly written and does not conflict with any clauses in your current will, you must speak with a solicitor. One thing to keep in mind is that having several codicils may cause ambiguity and uncertainty, which may then result in legal issues. It could be wiser to think about drafting a new will to avoid such problems.
Creating a New Will
By revoking (cancelling) the current document, this procedure essentially starts over from scratch. Similar to codicils, it is wise to seek legal advice from a private client lawyer to ensure that your update will appropriately reflect your present desires and conform with all applicable laws.
To guarantee that your estate is administered by your last desires, it is essential to update your will regularly in Scotland. We at Complete Clarity Solicitors, a Glasgow, Scotland-based conveyancing and private client services specialist, are available to help you navigate this sometimes challenging procedure. Always get legal advice before making changes to your will to prevent misunderstandings or unforeseen repercussions. Do not hesitate to get in touch with us if you need to update your will or draft one for the first time.
Contact us for a Free* consultation from our Executry Lawyers, and Executry Solicitors based in Glasgow, East Kilbride & Edinburgh, Scotland
Complete Clarity Solicitors are based in Glasgow, East Kilbride & Edinburgh, however, we provide legal advice throughout Scotland. Call us today on 0808 169 9476 or complete our online enquiry form and let us help you.
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