Blog

It is now officially Spring and there's no better time to prioritise what truly matters – safeguarding your future and that of your loved ones. Amidst the promise of brighter days ahead, it's essential to pause and reflect on one of the most fundamental yet often overlooked aspects of life: having a Will. At Macnabs, we believe that crafting a Will should be at the top of everyone's to-do list, as without one you are leaving it to the state to decide what happens to your assets when you are no longer here.

A Will is a legal document that outlines your wishes regarding the distribution of your assets, the care of your children / dependents, and the execution of your estate (your
money, property and possessions) after your passing. Despite its undeniable importance, many people tend to procrastinate when it comes to creating a Will, often underestimating its impact on their legacy.

• Clarity and control: A Will provides you with the opportunity to clearly articulate how you want your assets to be distributed and ensures that your loved ones are taken care. Without a Will, your estate will be subject to intestacy laws in Scotland,which could lead to outcomes that do not align with your wishes, e.g. your assets passing to an estranged family member, or in the case of second marriages, to your spouse but not your children.
• Guardianship for dependents: For those with children, a Will is essential for appointing guardians who will take care of them in the event of your passing.
• Minimising stress and disputes: The absence of a Will can lead to confusion and disputes among family members regarding the division of assets. This can not only be stressful, but costly and time consuming. Having a Will minimises the potential for conflicts and eases the burden on your loved ones during an already challenging time.
• Tax planning: A well-structured Will can also include provisions for tax planning, potentially reducing the tax burden on your estate.
• Peace of mind: Perhaps the most significant benefit of creating a Will is the peace of mind it provides. Knowing that your wishes are documented and legally binding provides reassurance that your loved ones will be cared for according to your intentions.

Making a Will doesn't need to be a daunting task. Prioritise your future and the future of your loved ones by creating a Will that accurately reflects your wishes and complies with legal requirements. Then you can finally score that one item off your to-do list.