Many people do not understand the importance of having a Will or indeed the benefits of making one. In this day and age, it is extremely important that you do make a will, so that when the unthinkable does happen, you can still be in control of how you wish to disburse the assets of your Estate. For example, if you are an unmarried couple, your partner will not be entitled to receive any benefits from your Estate unless a Will has been made which will direct how your assets are to be distributed upon your death.
Furthermore, making a Will is the easiest way in which to avoid paying Inheritance Tax. In the past, this was only a consideration of the very rich, however with rising house prices and today’s modern economy, more and more people will find themselves falling within the band where Inheritance Tax will be payable. We can help advise you on making a tax efficient Will which will assist in the mitigation of the payment of any tax which may be due. The potential savings can be substantial.
An Executry is the legal term used to describe a deceased’s Estate. Under Scottish Law, an Executor requires to be appointed (either by a Will or by the Court) before they can administer a deceased’s or relative’s Estate. The Executor (who can sometimes also be your solicitor) will then instruct a firm of Solicitors to assist in the ingathering of the deceased’s assets. If the deceased’s Estate exceeds the sum of £25,000 then the Courts require the involvement of a solicitor so that Confirmation can be obtained. Confirmation is the court document which is required by many establishments before they will release the assets from their control.
If your loved one or close relative has recently died, please contact us so that we can help guide you through the process.
Jain, Neil & Ruddy
The Town House
12 Sandyford Place
Sauchiehall Street
Glasgow G3 7NB
