The Importance of Making a Will after Separation
No one wants to think about their own mortality, especially when coupled with the complexities of separation from a spouse...
Scullion News & Resources
What is estate planning? For some, creating a will is all that estate planning entails. For others, this can involve detailed and complex inheritance tax planning.
Estate planning applies to everyone. This can involve something as simple as a Will or more complex matters such as Trusts and detailed Inheritance Tax planning. What yours entails depends on what stage of life you are at and what your vision for the future looks like.
– Ailidh Ballantyne, Associate Director at Scullion LAW
Scullion LAW has been guiding clients of all backgrounds with their estate planning needs for over 40 years. Without proper consideration for how your affairs will be handled when you are no longer here, family fallouts and uncertainty can happen. Planning is key.
So what does estate planning look like?
Read on to find out!
1. Young Adult – 20 to 35
As a young adult, you feel invincible. However, it is important to keep in mind what would happen to your assets in the event you were no longer here. Who will inherit this?
If you own a property or a bank account, you should consider making a Will. This will ensure your affairs are in order should something happen to you.
You should also consider having a Power of Attorney in place to narrate how your affairs will be looked after in the event you were to ever become incapable.
2. Young Families – 35 to 50
Getting married and starting a family can be the most exciting time for most people. Now a Will is even more important!
You can narrate who should look after the children in the event something happens to you. A Power of Attorney should also be prioritised to ensure your property and welfare can be looked after if you become incapable of looking after your own affairs. Peace of mind now brings comfort for your family later.
3. Mid-Life – 50 to 65
Between the ages of 50 and 65, you want to start focusing on the necessities to retire comfortably. For many, their children are grown and through college and starting families of their own.
At this stage, not only should you have your Will and Power of Attorney in order, but you may now wish to look to your estate and what you have accumulated over the years. Inheritance Tax planning should be a focus together with considering what you wish your future years to look like.
4. Retirement – 65 and older
Congratulations! You’re now planning for a relaxed retirement. Thinking about gifting some money to the children or grandchildren? Thinking about leaving something to charity now or in your Will? There are lots of measures to ensure your estate is in tip-top order and that your affairs are in order for the benefit of your family in years to come.
We are here for you, whenever you need us. Considering your own Estate planning journey can be confusing. We are here to guide you. Call us at our offices in Glasgow and Hamilton on 0141 374 2121 for more information or book an appointment with us to get started.
With many options to consider, our team will help you confidently navigate the process.