It’s understandable you don’t want to think about death when you’ve just bought a wonderful new home in Perthshire but it’s worthwhile doing so. A Will could certainly protect you or your loved ones at a time of need.
For most people, buying a home is the largest financial commitment they’ll ever make, so it’s useful to think about some worst-case scenarios if things go wrong. That could include broken boilers, mortgage rate hikes or job losses, but also death.
Why a Will matters
Scotland’s legal system has rigid rules about who inherits your home if you die without a Will, potentially creating serious consequences for those left behind. Cohabitees are especially vulnerable because they don’t have automatic rights to inherit, and therefore a variety of difficult scenarios can arise. For example:
- You buy the home yourself and your partner moves in. If you die before them, they’re left in a precarious position because they don’t own any share of the house.
- You buy together, but don’t give much thought to the wording in the title deeds about what happens to the ‘survivor’ if one of you dies. Depending on that wording, the survivor may inherit the other’s share automatically or it may go to the other’s own family. Either of those outcomes could be fine, or they could be completely different to what you actually want to happen.
These and other scenarios can lead to stress, court cases, your partner having nowhere to live or other loved ones–such as children from a previous relationship–losing out. The best way to prevent this is by making a Will.