The Importance of Making a Will

Top Scotland lawyer Norman Geddes, senior partner at Frazer Coogans Solicitors of Ayr, explains why people should not put off making a last will and testament.

(PRWEB) November 7, 2004 -- With the end of another tax year approaching ever closer, this may be the time that you get your financial affairs in order, and this should include making a will. Or if you have already done so, making sure that it is up-to-date and fully reflects your current situation and wishes.

Because if you do not make a will, on your death the law steps in, and your estate may not be divided up in the way that you would like it to be. This may cause your spouse and family a great deal of unnecessary inconvenience at best, and at worst disastrous consequences. It is of particular importance where partners are not married. For instance, under Scottish law, divorce and remarriage do not automatically revoke a previous will, so it is important to keep your will updated when circumstances change.

You can use your will to leave a legacy to a close friend or friends, to a charity, your old school or university, or to a religious organisation. But usually most people will want to leave most of their estate to their spouse, partner or children. If you are the joint owner of a house, then it may be essential to state in your will what you wish to happen to your share of the house after your death. Otherwise your share of the house may not be automatically transferred into the name of the co-owner, and that could cause enormous problems.

You may need to use your will in order to minimise, or better still avoid the risk of Inheritance Tax. If your estate is worth more than the current threshold of 255,000, any surplus over that amount will be taxed at 40%. Just over a quarter of a million pounds sounds a lot of money, but rising property values and the fact that the Inheritance Tax is not being raised in line with inflation means that more and more people are risking falling into the net. Seeking advice from a solicitor can avoid this.

In your will, you can appoint an executor, who will be responsible for dealing with your estate after your death. The executor will be legally bound to act in accordance with your instructions. You can appoint your spouse, your partner, your children or close friends or relatives to be your executor. In some cases, it may be advisable to appoint a solicitor as executor.

Making a will is usually quite simple and need not cost a lot. You should ask a solicitor to quote a fee for preparing a will. Some solicitors offer a free service for making straightforward wills, sometimes in return for a donation to charity.

Special arrangements can be made for blind people to complete wills.

While it is possible to prepare your own will, or to use a printed form that you can buy from stationers, there are dangers that the will may be invalid or may not have the effect that you intended. Accordingly, if you want to make a will, go to see a solicitor first. Many solicitors will offer a free first appointment on any matter.

FRAZER COOGANS SOLICITORS, AYR, AYRSHIRE, SCOTLAND

Ayrshire solicitors Frazer Coogans have expanded rapidly from small beginnings in the 1980s to offer a friendly and personal service to all clients from their modern premises in Ayr town centre. From their Ayr base, partners Norman Geddes, Austin Thomson, Lauren Fowler and associate Angus Logan -- all experienced solicitors - along with their professional and dedicated staff, provide a comprehensive suite of legal services to Ayr, Ayrshire, Scotland and the UK, with particular expertise in accident claims, personal injury damages, property conveyancing, divorce and family law, wills, estates and executries.

Frazer Coogans Ayr office operates a specialist Accident Claims & Personal Injury Damages Centre to assist clients in making claims for personal injury damages after road traffic, workplace, slip and trip accidents and also in criminal injuries compensation. This Ayrshire firm of solicitors has also established a significant presence in Scotlands property conveyancing market, advising clients on all aspects of buying, selling and leasing premises both domestic and commercial, and handling property conveyancing for diverse clients across Scotland.

UK divorce and family law is another area in which Frazer Coogans solicitors possess particular expertise, advising on the legal, financial and child related issues associated with divorce, providing negotiation for amicable settlement and undertaking litigation where needed. Frazer Coogans solicitors also offer a professional, dedicated and sympathetic service for wills and estates in the UK, including the administration of estates and appointing executors.

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Issued on behalf of Frazer Coogans Solicitors by Fame Publicity Services. Contact Murdoch MacDonald on +44 (0)1292 281498.

Fame Publicity Services

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Frazer Coogans Solicitors

Dalblair House

46 Dalblair Road

AYR, Ayrshire

Scotland

KA7 1UQ

Telephone: +44 (0)1292 280499

Fax: +44 (0)1292 611645

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www.frazercoogans.co.uk

www.accidentclaims.com

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