The coronavirus pandemic has sadly claimed the lives of thousands of people across the country.
And for those who have died suddenly, they may not have had the time to prepare a Will.
Although the subject of death can be unpleasant, it’s a topic that has been weighing heavily on people’s minds in recent months.
So what happens if you die without a Will?
Shawn Wood, a solicitor at Watermans, explains: “If there’s a Will in place, it’s a quicker process and far more cost effective. Without a Will, sadly there remains uncertainty, additional costs and more time.
“A Bond of Caution may be required where there is no Will. This is effectively an insurance policy over the estate to cover matters such as an executor failing to distribute the estate according to Scots law.
“The premium of the policy depends on the risk as calculated by the provider. Once the executor is appointed and a Bond of Caution is provided, the executor can then apply for Confirmation.
“Once Confirmation is granted, the executor will distribute assets to beneficiaries. If there’s no Will, Scots law dictates how the assets should be distributed. This means loved ones of the deceased have no control over what happens to assets.”
Shawn continued: “However, if there is a Will in place, the first two steps can skipped, making the entire process far less stressful.”
Our team of solicitors at Watermans can guide you through the process of creating a Will and helping to answer any questions you may have about the legal document. Call us today on 0131 555 7055.