Making a Will is very rarely associated with younger generations despite the fact they are often starting out on the property ladder. Personal mortality is often the last thing on a first-time buyer's mind.
According to Lloyds Banking Group, the average age of a first-time buyer in Scotland 31 and, with the Scottish Government providing financial support such as Help to Buy (Scotland) for first time-buyers to purchase their first home, it is never too early for young buyers to ensure they have their Will in place. It is therefore vital for those using the shared equity schemes, and those who are not, to have their Will in place following the purchase of their first home.
Who will inherit your property?
In Scotland, you must be over the age of 12, and be of sound mind, in order to grant your own Will. The Will must be in writing, be signed on each page and witnessed by an independent party. The purpose of a Will is to ensure, as far as possible within the rules of succession, that a person's estate is distributed as they would have wished after they pass away. As such, a Will provides control over the distribution of assets when a person is no longer alive and can also be used as a mechanism to express any other wishes that person may have.
It is likely that when purchasing a property for the first time the value of that property will be the largest asset in the person's estate. It is therefore important that the property is inherited by the person intended by the owner, which is not always the case if an individual dies intestate (i.e. does not have a Will in place). When executing a Will, the document will also deal with all other assets that the first-time buyer owns to ensure complete peace of mind that their estate not only passes to intended beneficiaries, but is administered by those whom they trust most.
Get in touch, we're here to help
If you have recently purchased your first home and would like to put your Will in place, our expert team will explain the process of granting a Will and be on hand to answer any queries you may have. We can provide the assistance you need to protect your assets and your loved ones, allowing you to put your mind at ease, knowing everything is in hand.
Should you wish to discuss making or updating a Will, please do not hesitate to contact the Private Client team at Harper Macleod :
Elgin: 01343 542623
We have solicitors and offices across the country in Glasgow (next to Glasgow Central Station), Edinburgh (next to Haymarket Station), Inverness, Thurso, Elgin and Shetland - and working from home, ready to help in person or over the phone or on a zoom call.
We can provide the assistance you need to protect your assets and your loved ones. This will allow you to put your mind at ease, knowing everything is in hand.