Quizzes & Puzzles14 mins ago
Wills- only child
I live in Scotland so would appreciate an answer in relation to Scottish law if you can.
I am an only child and my parents do not have wills. My parents own their house and obvioulsy wish me to have all their assets should they die.
Is it better for them to have a will or not? Would their assets automatically become mine should they die or would they need to have left a will.
Can anyone help please.
I am an only child and my parents do not have wills. My parents own their house and obvioulsy wish me to have all their assets should they die.
Is it better for them to have a will or not? Would their assets automatically become mine should they die or would they need to have left a will.
Can anyone help please.
Answers
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This is relevant to Scottish law of intestacy:
Surviving spouse or civil partner, and child or children
The surviving spouse or civil partner takes
* any dwelling house owned by the deceased where the surviving spouse or civil partner was ordinarily resident at the date of death, up to a value of �300,000, plus
* furniture etc up to a value of �24,000.
If the remainder of the estate does not exceed �42,000, the whole passes to the surviving spouse or civil partner. Otherwise �42,000 passes to the surviving spouse or civil partner, plus seven per cent interest on this cash sum from the date of death.
The balance of the estate is divided one third to the surviving spouse or civil partner, and two- thirds to the children per capita and the issue of any predeceasing children per stirpes.
If the deceased died without a surviving spouse or civil partner but was survived by other relatives, the Act provides for the intestate estate to be distributed to the surviving relatives in the following order:
* children
* grandchildren
* either or both parents and brothers and sisters
* brothers and sisters and their issue
* uncles and aunts (on either parent�s side)
* grandparents (on either side)
* brothers and sisters of any grandparents (on either side).
So, without leaving wills you will eventually inherit. Should you predecease a parent, then the parents' estate will go to your children (if you have none then it will go to yoour parents' brothers and sisters and so on)
Surviving spouse or civil partner, and child or children
The surviving spouse or civil partner takes
* any dwelling house owned by the deceased where the surviving spouse or civil partner was ordinarily resident at the date of death, up to a value of �300,000, plus
* furniture etc up to a value of �24,000.
If the remainder of the estate does not exceed �42,000, the whole passes to the surviving spouse or civil partner. Otherwise �42,000 passes to the surviving spouse or civil partner, plus seven per cent interest on this cash sum from the date of death.
The balance of the estate is divided one third to the surviving spouse or civil partner, and two- thirds to the children per capita and the issue of any predeceasing children per stirpes.
If the deceased died without a surviving spouse or civil partner but was survived by other relatives, the Act provides for the intestate estate to be distributed to the surviving relatives in the following order:
* children
* grandchildren
* either or both parents and brothers and sisters
* brothers and sisters and their issue
* uncles and aunts (on either parent�s side)
* grandparents (on either side)
* brothers and sisters of any grandparents (on either side).
So, without leaving wills you will eventually inherit. Should you predecease a parent, then the parents' estate will go to your children (if you have none then it will go to yoour parents' brothers and sisters and so on)
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