Our Personal Law team have been busy taking part in supporting charity initiative, Will Aid, once again this year. Will Aid is a partnership between nine UK Charities and the legal profession to raise funds for charity while providing people with a Will prepared by a legal professional.
Following the success of this year’s campaign, we have put together some ‘frequently asked questions’ to assist you when making or updating your Will:
What will happen to my digital assets when I die?
In the age of social media, online banking, and cloud-based storage, it is becoming less common to store items as physical copies. When making a Will, it is still quite uncommon for people to consider what should happen to their digital assets when they die, with focus being mainly on physical items such as jewellery, property and money. In practical terms, this can prove difficult for those managing estates, particularly if account names and passwords are not provided.
The law governing digital assets in Scotland and the rest of the UK is unclear and development in this area is likely to be made in the coming years.
It is recommended that you check the policies of your online accounts to find out how your data will be dealt with on death. Sometimes there are options for transferring account data to your chosen beneficiary. For example, Facebook provides an option to nominate a ‘legacy contact’.
We would also suggest that you keep a list of your digital assets in a safe place, including the relevant accounts and passwords. This will help your executor to know about these assets and to administer them when the time comes.
Can I make future changes to my Will?
We encourage clients to review their Wills periodically to ensure that the Will still meets their requirements and personal circumstances. As life evolves, relationships may change, for example, you may get married, enter into a civil partnership or get divorced. The value of your estate can change too, as a result of an inheritance or on the setting up of a business.
The number and complexity of changes required will determine if a codicil or a new will would be appropriate. A codicil is an additional formal document which is read alongside your will. If the changes are extensive, it is likely that a new Will would be required. However, if the changes are fairly minor, such as making a change to an executor, a codicil may suffice.
To avoid future ambiguity and potential conflict, we would always recommend that professional advice is obtained to ensure that your will has the desired effect on death. We would recommend that you regularly review your Will. Please get in touch with us should you wish our assistance with a Will review.
What happens if I have previously made a Will?
If you have made a previous Will, the question arises as to which will is the one you would wish your executor to follow. Most Wills shall include a clause to provide that any prior Will is revoked and so no longer valid. This means that the last Will you signed will be valid and any previous Wills will be superseded. When there is more than one Will, it is important that this clause is included to avoid any ambiguities as to which Will should be used. Practically, we would advise destroying any previous Wills to help avoid confusion.
I wish to set out my funeral wishes. Can this be included in my will?
Your Will can specify your funeral wishes, including who you would want to carry out your instructions and whether you would like to have a burial or cremation. You might include funeral plans if you have any. You may also consider putting in place a separate document called a “letter of wishes”, which would be stored with your Will. While a letter of wishes is not legally binding, it can provide additional guidance to your executors on your specific instructions and is easy to update if your wishes change.
If you would like to discuss making a Will in more detail, please get in touch
For more information on Will Aid
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