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Wills
Although death is not a popular subject the reality is that “nothing can be said to be certain except
death and taxes”. A well drafted Will, together with tax and financial planning, will give you peace of
mind that everything is in order and that your loved ones will be properly provided for when you die
in the manner you wish them to.
With a Will, you can decide who should inherit your property and possessions after your death and
this document is a relatively small financial outlay which has the potential to save thousands of
pounds in tax or in feuding in the future. Without a Will, estates are distributed according to Scottish
intestacy laws, rather than as you intended, which can be both financially and emotionally detrimental
to those you leave behind.
The traditional view of a family is no longer the ‘norm’ and cohabitation, divorce, remarriage,
adoption are factors common in modern society which have the potential to impact on the distribution
of an estate and it is important to ensure these are all catered for.
Making a will is especially important for people with young children, because wills are the best
way to transfer guardianship of minors. In addition, we would advise that Wills should be reviewed
periodically, particularly if your circumstances change significantly, and this is something that we
would be happy to discuss with you.
Professionalism, expertise in financial and tax planning and a sound knowledge of Scottish intestacy
Law are just some of the qualities and benefits that you will find at Leslie Deans & Co, and we will
ensure that our advice is tailored to meet your individual needs. We will guide you through the
legal formalities that must be adhered to in order to ensure the validity of your Will, avoiding undue
complications and providing tax planning as standard.
We can also offer you the benefit of using our own Trustee Company which will enable you to ensure
that your affairs are dealt with professionally after your death and allow you to avoid placing further
stress and pressure on your family at what is an already difficult time for them. It will also allow
you to avoid the risk of creating unnecessary difficulties and complications should your nominated
executor/s predecease you and avoid the need for unnecessary costs in updating your Will.
Through this legal document, you give someone else the authority to carry out certain tasks or
make decisions on your behalf in the event of any future incapacity. You can only grant a Power of
Attorney when you have full mental capacity and there are two types of Power of Attorney:
- Continuing Powers of Attorney – property/financial issues. This can be invoked at any time
during your lifetime with your consent or after the loss of mental capacity. - Welfare Powers of Attorney – personal affairs / welfare issues. This will only be activated
subsequent to loosing capacity.
By effectively ‘stepping into your shoes’, the Attorney can make judgments and take action as if they
were you, with a legal requirement to always act in your best interests. You should always appoint
those who you can trust to make such decisions in order to retain some control and peace of mind that
your affairs are dealt with in the manner you intend.
A common misconception is that Powers of Attorney are only required for older people who become
unable to manage their affairs by themselves. We would recommend that you consider appointing
one, simply as a precaution for the future, in the event that you become mentally incapable of making
decisions due to an unforeseen accident or sudden illness leading to incapacity.
In such events, your next of kin does not have an automatic right to make decisions or take action
on your behalf without express authorisation from the Court through the appointment of a Guardian
(costing several thousand pounds in a very straightforward case). This is significantly more expensive
that the cost of preparing a Power of Attorney, in addition to creating delay and unnecessary distress
for your loved ones.