These include people who download templates online without realizing that they are not Scots compliant. law and also not keeping up with changing personal circumstances.
The highly experienced Glasgow-based private client lawyer specializes in advising people on creating wills, powers of attorney, trusts and planning how to manage personal assets.
Throughout the legal profession there have been reports of an increasing number of inheritance disputes.
Ms McKay said: “The cost of living crisis is certainly a factor in this as many try to cope with the financial pressures caused by the simple fact that almost everything is now more expensive.
“Another is that, with families becoming closer and/or more dispersed, family members may not be fully aware of their rights or entitlements under a loved one’s will.
“Probate disputes can be very specific and technical in legal terms. They can also be emotionally difficult since the catalyst for the dispute involves the death of a loved one.
“However, a worrying number of people don’t seem to realize this. It is estimated that six out of 10 people in Scotland they die without a will, which means who inherits their estate is determined by the rules of intestacy. That is unsettling in itself, as it can cause unnecessary uncertainty, inconvenience, delay and expense for those left behind.
“Expert and personalized advice when drafting your will is vitally important. Some people try to avoid doing this to cut costs, which is understandable. But this can actually prove more costly and annoying in the long run.”
While there’s no sure way to avoid a dispute over a will, Lindsays’ lawyers, who provide advice tailored to each person’s individual circumstances, say it’s possible to reduce risk by avoiding five common mistakes when drafting your final wishes.
Choice of executor/s
Getting this right is important. Your executor must be competent and willing to do the job. If you need multiple executors, they must be willing to work together.
unknown location
Many people think that their families will instinctively know where to find their will. But the reality is that even spouses sometimes don’t know where their partner’s will is, or if what they can find is the most up-to-date version.
The easy solution is to have your lawyer save your will, keep your own copy in a safe place, and let people know about those arrangements. These are not comfortable conversations, but they can save a lot of stress and heartbreak.
Fall behind the times
Life events such as cohabitation, marriage, separation, divorce, remarriage, having children, and the death of an executor or beneficiary generally require a will to be updated. Some events may even invalidate your will. Others will not, but your will may no longer suit your family circumstances. If in doubt, it is best to consult.
A frequent problem is when parents leave a child, perhaps from a previous relationship, out of the will, without recognizing their legal right to a part of the estate.
textbook errors
Number one is using an online template that was not drawn up in accordance with Scottish law, or people not signing their will properly or not witnessing it properly. Each scenario will result in delays and additional charges.
Ms McKay explained: “Asking a lawyer to help you avoid these mistakes could help protect loved ones and avoid family conflict at a time when they should be supporting each other.”
Wills are part of a package of measures that people of all ages are encouraged to implement, including a power of attorney (PoA).
While discussions of these can usually focus on planning for old age, Ms McKay says they are circumstances where the need for a PoA can occur at any point in your life, so it’s something no one should go through. for high.
For those with businesses, you can make it clear who would pay vendors, manage the bank account, take care of contracts or insurance, file VAT returns, or generally keep customers happy.
TO business PoA is similar to a personal one in that someone is chosen to make decisions on your behalf, but it includes powers to continue and run a business.
“Like properly organizing your will, it’s cheaper to think ahead and take action than to have business paralyzed by disputes or legal issues,” said Ms. McKay. “I often think of a PoA as insurance, something you hope you don’t use but are relieved to have if disaster strikes.
“With family businesses in particular, the personal and the business cannot be dealt with in isolation.”
Alison McKay is available to advise people on the full range of private client work to organize their personal affairs. You can contact her by emailing alisonmackay@lindsays.co.uk.
Lindsays also has private client lawyers in its Edinburgh and Dundee offices. Colleagues in Perth will soon join the team as well. For more information, go to lindsays.co.uk