This article is intended as general financial planning guidance only. It does not constitute legal advice. We would always recommend speaking with a qualified Scottish solicitor regarding your specific circumstances.
As financial planners, our role at Wells Gibson is to help clients build a clear picture of their financial future, and that picture isn’t complete without considering what happens to your estate when you’re gone.
One of the most common gaps we see in people’s financial plans is the absence of a valid will.
Legacy planning sits at the crossroads of financial and legal advice. While we can help you understand the broader picture and why it matters, the drafting of a will is something we’d always encourage you to do with a qualified solicitor, particularly one experienced in Scottish law, which operates quite differently from the rest of the UK.
Why Scotland is different
When someone dies without a will in Scotland, their estate is distributed under a legal framework known as intestacy.
This isn’t the same as the rules that apply in England and Wales, and the outcomes can catch families off guard.
Without getting into the full legal detail, which is exactly why a solicitor’s guidance matters, the Scottish intestacy rules broadly work in two stages:
First:
A surviving spouse or civil partner may be entitled to certain rights over the family home, household contents, and a cash sum.
Then:
The remaining “moveable estate” (things like savings and investments) is divided between the surviving spouse and any children according to a fixed formula.
Why this matters for your financial plan
From a financial planning perspective, we think about this in terms of outcomes for the people you care about.
Without a will in place, families can face:
- Inheritance outcomes that don’t reflect your intentions
- Tension between a surviving spouse and children, particularly in more complex family structures
- Delays in accessing or managing assets during an already difficult time
- Increased administrative burden and cost
These aren’t just legal issues, they can have a real impact on the financial security of those you leave behind.
The value of a valid will and where it fits
At Wells Gibson, we use our WealthSpan™ framework to help clients focus on the areas of financial planning that matter most. This ensures every decision is considered as part of a bigger picture, not in isolation.
WealthSpan™ focuses on seven key areas:
- Cash flow – avoiding living beyond your means
- Borrowing – ensuring debt does not choke your family’s financial future
- Risk – protecting you against the unexpected, such as illness
- Investing – enjoying a successful investment experience
- Tax – paying what you should, but not a penny more
- Legacy – providing for those most important to you
- Giving – making a real difference to others
Within this framework, legacy planning is about more than simply passing on wealth, it’s about clarity, control, and protection. It ensures your intentions are clear, your family is protected, and your assets are distributed in a way that reflects your wishes.
A properly drafted will sits at the heart of this. It ensures that the plans you’ve put in place across all the other areas, from building wealth to managing tax, ultimately benefit the people and causes you care about most.
Without a valid will, even the most carefully constructed financial plan can unravel. The default rules of intestacy may override your intentions, leading to outcomes that don’t reflect your relationships or priorities.
That’s why, from our perspective as financial planners, having an up-to-date will isn’t a separate legal task it’s a core part of a well-structured financial plan, and a key pillar of delivering lasting financial security for those you leave behind.
Hear from the experts
We recently sat down with Chris Gardiner, solicitor at Thorntons, to talk through exactly these issues in our podcast episode Passing Wealth with Purpose: Estate Planning for Families and Business Owners.
Chris covers the practical realities of estate planning in Scotland, from wills and intestacy to considerations for business owners and blended families.
It’s a straightforward, jargon free conversation and well worth a listen if you’re thinking about getting your affairs in order.
Our role and where we’d point you
This is an area where financial planning and legal advice work hand in hand.
We can help you think through what you have, who you want to protect, and what matters most. But for the drafting, reviewing, or updating of a will, we’d always recommend engaging a qualified solicitor, such as the team at Thorntons.
If you don’t already have one, we’re happy to point you in the right direction. Many of our clients find it helpful to have these conversations as part of a wider financial plan review.
If you’d like to discuss how estate planning fits into your financial picture, please get in touch with our team.
Risk warnings
This article is intended for general guidance only and should not be considered personal or legal advice.
Estate and legacy planning is complex and depends on your individual circumstances, which can change over time. Regular reviews are important to ensure your plans remain appropriate.
If you do not have a valid will in place, your estate will be distributed in line with Scottish intestacy rules, which may not align with your wishes.
The value of investments can go down as well as up, and you may receive back less than you originally invested. Tax rules and legislation can change and depend on personal circumstances.
For the preparation or review of a will, you should always consult a qualified Scottish solicitor.
If you are unsure about any aspect of your financial plan, we recommend seeking professional financial advice before taking action.
Wells Gibson Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 731027).
