The importance of a Will to avoid the possibility of an unclaimed estate

Watermans Legal is highlighting the importance of having a Will prepared after it was revealed there are almost 250 unclaimed estates in Glasgow.

Sarah Hay, from our firm in Edinburgh, said people could be at risk of their estates going unclaimed when they pass away if they do not have a Will in place.

to a specialist website Unclaimed Estates, there are currently 247 estates
without owners in Glasgow city.

Speaking after the statistics were revealed, our solicitor Sarah said: “This highlights the importance of ensuring that you write a Will, setting out clear instructions to ensure that your estate is left to your family, or persons of your choosing.

you have a Will in place, it is advisable to review your Will every few years,
or when your circumstances change, to ensure that it remains up to date.

you move house, it does not necessarily mean that you need to update your Will,
however it is a good idea to let the solicitor who perhaps holds your Will
know, so that they can update their records.

when a person dies their assets revert to a named person but sometimes
relatives cannot be traced.

are specialist firms who can be used in order to trace beneficiaries, if it is
proving difficult to contact a particular beneficiary listed in a Will, who may
be a distant relative or friend of the person who has died.”

Sarah pointed out that even in cases where a person has left a Will, it can often take several years to ingather all of the financial information and finalise winding up a person’s estate.

can also take years to resolve matters, due to family circumstances and family

continued: “Often there may be a property within a person’s estate.  It should be fairly straightforward and
involve selling the property and dividing the estate between the beneficiaries.

the family might not agree and the property lies empty for a period of
time.  As a result this can incur
additional costs, as the local council have the discretion to increase the
council tax charge by 100% for certain properties which have been empty for a
year or more.”

Watermans Legal can assist with advice on having a Will prepared.