Do I Need a Will?

What happens if you die without a will

Dying without a valid will is called dying intestate. A statutory order of priority then decides who inherits, and it takes no account of your relationships, your intentions or what you may have promised. Unmarried partners inherit nothing under the intestacy rules, regardless of how long you have lived together or whether you have children. There is no such thing in law as a common law spouse.

Where you are married with children, your spouse receives a fixed statutory legacy plus a share of the remainder, with the balance passing to the children. That split can force the sale of a family home or hand substantial sums to children at eighteen. It can also waste inheritance tax allowances that careful drafting would have preserved.

Who needs a will most urgently

Everyone benefits from a will, but some circumstances make it genuinely urgent:

• Unmarried couples, who have no automatic rights to each other's estates
• Parents of children under eighteen, who need to appoint guardians
• Blended families, where children from previous relationships risk being excluded
• Business owners, whose shares may pass to people with no interest in the business
• Anyone who owns property, whether solely, jointly or overseas
• People with estates likely to face inheritance tax

What a will lets you control

A will lets you name your executors — the people who will value your estate, settle debts, deal with HMRC and distribute what is left. Choosing capable, willing executors is one of the most practical kindnesses you can extend to your family. You can also appoint guardians for minor children, which is otherwise a decision left to the courts.

Beyond that, you control who receives what and when. You can leave specific items to named people, set percentage shares of the residue, make charitable gifts, and specify the age at which younger beneficiaries inherit. You can also record funeral wishes and leave a letter of wishes to guide trustees on how you would like discretion exercised.

Wills and inheritance tax

A will is also a tax document. The residence nil-rate band, which increases the amount that can pass tax free when a home is left to direct descendants, is only fully available if the property passes in the right way. A poorly drafted or outdated will can lose that allowance entirely. Transfers to a spouse or civil partner are exempt, and unused allowances can generally be transferred to the survivor — but only if the paperwork supports the claim.

Charitable legacies can also reduce the rate of inheritance tax on the rest of the estate where a sufficient proportion is left to charity. Trust provisions written into a will can protect assets for children from an earlier relationship, shelter a vulnerable beneficiary's means-tested benefits, or keep business assets in the right hands.

Common mistakes with home-made wills

DIY wills fail more often than people expect. The formal signing and witnessing requirements are strict, and a witness who benefits under the will loses their gift. Ambiguous wording invites disputes; a gift of 'my savings' or 'my jewellery' can be argued over for months. Failing to deal with the residue leaves part of the estate to pass under intestacy anyway, defeating the point of writing a will at all.

The other frequent problem is simply not updating it. Marriage revokes an existing will in England and Wales unless it was made in contemplation of that marriage. Divorce, new children, property purchases and business changes all warrant a review. A will written for the life you had fifteen years ago may distribute an estate you no longer own to people you no longer intended.

Getting your will right

A good will starts with a clear picture of what you own, how it is held, and what you want to achieve. Jointly owned property, pensions and life policies written in trust often pass outside the will entirely, so the whole plan needs to be looked at together rather than in isolation. Reviewing beneficiary nominations at the same time avoids the common result of a will saying one thing and a pension paying someone else.

Once signed, keep the original safe and tell your executors where it is. Review it every few years and after any major life event. If you would like your will considered alongside your wider inheritance tax position, our advisers can review both and set out clear recommendations.

Frequently Asked Questions