FREQUENTLY ASKED QUESTIONS - WILLS
What is a Will?
A Will, also known as a "testament" in Scotland, is a legal document that outlines how you want your assets and possessions to be distributed after your death. It also appoints an Executor to carry out your wishes.
Why do I need a Will?
A Will is your voice, even when you're no longer here to speak for yourself. It's the document that ensures your wishes regarding the distribution of your assets are honored. Without a valid Will, your Estate could be subject to the rules of Intestacy, which might not align with your intentions. By creating a Will, you gain peace of mind knowing that your loved ones will be provided for and your Legacy will be preserved as you desire.
Who can make a Will?
Any person who is 16 years of age or older and of sound mind can make a Scottish Will.
What happens if I die without a Will in Scotland?
If you die without a Will in Scotland, your Estate will be distributed according to the Laws of Intestacy. This means the Law decides how your assets are divided, which may not align with your wishes.
Can I change my Will after it's made?
Yes, you can update your Will by making a new one or adding a "Codicil." It's important to keep it up to date to reflect any changes in your circumstances.
Who can be an Executor in a Will?
Any competent adult can be named as an executor in a Will, including family members, friends, or a Solicitor.
Can I disinherit someone in my Will?
In Scotland, certain Legal Rights exist that may entitle close family members to a share of your Estate. You can't completely disinherit these individuals, but you can specify how your Estate should be distributed within the confines of the Law.
How do I store my Will?
It's advisable to store your Will in a safe and secure place, such as with a Solicitor or in a Bank safety deposit box. Inform your Executor of its location. You can also store your Will with your other important documents such as your Birth Certificate/Marriage Certificate.
Can I include funeral wishes in my Will?
Yes, you can include funeral instructions in your Will. However, it's also a good idea to inform your family and Executor separately about your preferences.
What taxes are associated with Wills?
In Scotland, Inheritance Tax (IHT) may apply to your Estate if its value exceeds a certain threshold. Seek Legal Advice to understand your tax obligations.
FREQUENTLY ASKED QUESTIONS - POWERS OF ATTORNEY
What is a Power of Attorney in Scotland?
A Power of Attorney (POA) in Scotland is a legal document that allows you to appoint someone (an "Attorney") to make decisions on your behalf if you become unable to do so due to illness, injury, or other reasons.
What are the types of Power of Attorney?
There are two main types of POA:
Continuing POA- Covers decisions about your financial and property matters.
Welfare POA: Pertains to decisions about your health and personal welfare.
Who can create a Power of Attorney?
Any person who is 16 years of age or older and of sound mind can create a POA in Scotland.
Can I revoke or change a Power of Attorney?
Yes, you can revoke or amend a POA at any time as long as you have mental capacity. The appropriate legal process must be followed to make changes.
Who can be appointed as an Attorney?
You can appoint any competent adult as your Attorney, including family members, friends, or a trusted professional.
When does a Power of Attorney become effective?
You can specify when your POA becomes effective. It can be immediate, upon a specific event, or when a medical professional certifies that you lack capacity.
Can I have multiple Attorneys in a Power of Attorney document?
Yes, you can appoint multiple Attorneys, either to act jointly, severally, or jointly and severally, depending on your preferences.
What are the responsibilities of an Attorney?
Attorneys have a legal duty to act in your best interests, follow your instructions (if provided), and keep records of their decisions and actions.
Can I use a Scottish Power of Attorney for international matters?
A Scottish POA primarily covers matters within Scotland. If you have assets or interests abroad, you may need to create separate POAs in those jurisdictions.