Estate planning involves organising and managing an individual’s assets to ensure their distribution aligns with their wishes upon death. In Scotland, this process is crucial due to specific legal frameworks, such as ‘Legal Rights’, which ensure that spouses and children cannot be entirely disinherited from the movable estate.
Executors
Executors are responsible for managing a person’s estate after death, ensuring their will is followed and assets are distributed correctly.
A will is a crucial legal document that outlines an individual’s wishes concerning the distribution of their property and assets after their death. In Scotland, this document is of paramount importance due to specific Scottish laws like ‘Legal Rights’. This law ensures that a spouse or children cannot be fully disinherited. Thus, even when a will excludes them, they are still entitled to a portion of the deceased’s ‘movable’ estate. Therefore, a will in Scotland provides a legal framework for the management and allocation of an individual’s estate, ensuring a fair and intended distribution.