Gordon Sommerville of Pomphreys Solicitors presented at Lanarkshire Business Group this week. Pomphreys Solicitors provide Estate Agency & Letting, Personal Injury & Compensation Claims, Homes Sales & Purchase, Debt Recovery, Commercial Guardianships, Wills, Executries & Trusts, Advice & Assistance (Legal Aid), Family Law, Civil Law & Employment Matters and Equity Release Schemes. Gordon concentrated on Estate Planning and Wills in his talk. Here is part of what he had to say:
“Recently, when we are doing seminars or speaking to clients, we concentrate on Private Client matters. Essentially, this is Estate planning and covers a variety of interlinked and important matters for the benefit of yourselves, your family, your business partners. Many members have spoken to us about the need for a business plan – where do you want to be in one year, five years, ten years? Business plans need to be reviewed regularly in line with changes in circumstances and everyone agrees that they are useful, if indeed not essential. So why are so many of you reluctant to do Wills? Wills are indeed a business plan for your family, your sons and daughters, but also for your business and business partners. What would happen if you stepped off the wrong side of the bus tomorrow? Are your family protected? What about your business? Who gets what? Do you simply assume that your wife/partner/children will all be ok? Well, it doesn’t always happen like that. According to statistics, only one in three people have made Wills, so two thirds of the people in this room could be vulnerable to not having proper measures in place if anything were to happen to you. Does that really make sense? Of course not.
Let’s look at some other interlinked topics.
Intestacy
If you die in Scotland without making a Will, your spouse has a claim over your Estate. Recent changes in legislation made by the Scottish Parliament have increased this figure to £473,000 (previously £300,000). With other entitlements, this now means the spouse can claim up to £552,000 on a person’s Estate. I am not sure if this legislation was sensible, considering the number of people who have been divorced and remarry, or live with another party. But what can and does happen is that children from a first marriage can be disinherited. Essential that planning is put in place to protect them.
One in two marriages fail, so you can see the problem. In addition, family law legislation, which has replaced the old Common Law husband and wife position, means that if two people live together and share accommodation and expenses and basically live as husband and wife, then where there is no Will he or she could also make a claim on the partner’s Estate for Prior Rights, and which could take precedent over any children. Remember also that stepchildren have no claim on your Estate and can only be provided for if named in your Will. Adopted children can claim.”
Thank you Gordon for that.
You can visit Pomphreys Solicitors Website here.
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