House price increase since 2005
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House price increase since 2005

by Dennis Gardener

 
Yesterday, 1st February, saw a change in the law in Scotland for “Prior Right” and how the law dictates who gets what when someone didn’t make a will before they died. It allowes the value of a house/home that was passed to a spouse to be raised from £300,000.00 to £473,000.00, no other allowances have been raised.
 
The change is because of house value rises since the last revaluation of houses in 2005. Most of the people I see,won’t be affected except perhaps some in the geographical hotspots. 
 
So will it help?
 
No, people still need a will to direct where they want their estate to go to and in the case of a property where there is no will, for example in the case of a second marriage, the children from the first marriage can be lose out on their intended inheritance in favour of the second family.
 
So beware all those who are putting off writing a will - another reason to spend a while with a qualified willwriter and see how best your wishes can be passed on to your loved ones!
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