Why should you write a will?

The pandemic was the first major event in most people's lives that prompted many to contemplate what would happen to their assets if the worst happened. 

Although the number of adults in the UK choosing to write a will has increased from 34% in 2019 (source: Macmillan) to 49% in 2024 (source: Canada Life) this still means that the majority have not left any instructions on how they would like their estate distributed after their death - even a much loved pet can benefit from its owner having a will. So why is it important to have a will and, once you have one, to keep it under regular review?

Here are 15 reasons:

1. You control what happens to your money, possessions and property when you die, i.e. who gets what from your estate.
   
   
2. You can choose the people who will handle and distribute your estate according to your wishes (the executors). You can choose people you trust, and who you are confident will act responsibly.
   
   
3. Without a will, you die intestate. The ‘intestacy rules’ will decide for you who will benefit from your estate, which may be contrary to your wishes. The intestacy rules also determine who will deal with your estate.
   
   
4. A will enables you to name the legal guardian of your child or children so you know who will make decisions for them if you and their other parent die before they reach the age of 18. If they don’t have a legal guardian, or there are complications, the decision could be made by the family courts.
   
   
5. A will allows you to provide financial support for your children, dependants, pets and anyone else you wish to help through your will. You can set up a trust via your will with express instructions as to how the money can be used. For example, the money may be set aside for maintenance, fees, education, a house deposit or to be received upon attaining a specified age.
   
   
6. Without a will, only your spouse or blood relatives will automatically inherit from you and even in those circumstances it is not as straightforward as you may expect. If you want to provide for your unmarried partner, stepchildren, foster-children or anyone else, you will need a will.
   
   
7. If you own your family home outright and you die without a will your unmarried partner or stepchildren will not be in line to inherit your estate and could lose their home. With a will in place, you could provide a right to reside in the property or perhaps pass on your share of the home to them.
   
   
8. A will can help prevent family arguments over your estate. Contesting a will or making a claim against an estate when a will hasn’t been made, or is badly drafted, can be expensive and stressful, often leading to a break-down in family relationships. This can often be avoided with a professionally drafted and correctly signed will.
   
   
9. If you have a will, it will be invalid if you have remarried since writing it, or if was not executed correctly. If this is the case, your estate will pass under the intestacy rules (see point 3).
   
   
10. Your will may still be valid when you don’t want it to be. If you are divorcing or have separated since writing your will, it remains valid. You need to ensure that your will reflects your current situation, otherwise a previous partner may still benefit from your estate even if you don’t want them to.
    
    
11. Similar to 10 (above), you may need to change or even re-write your will if something happens to one or more of your beneficiaries before you die. This may also be the case where an executor dies.
    
    
12. You may be able to reduce or avoid the amount of Inheritance Tax (IHT) payable on your estate. The amount depends on several factors including the net value of your estate and who you decide to leave it to. If you leave your estate to your spouse or civil partner, it will automatically be exempt from IHT.
    
    
13. You can leave instructions for your executor about arrangements after your death. For example, you may request specific funeral arrangements or request a specific person to care for your pets and/or protect your digital assets.
    
    
14. You can choose to support a charity or charities by leaving a gift or donation. This may also reduce the amount of IHT payable on your estate.
    
    
15. A will gives you and your family peace of mind. Your family will have a lot to deal with after your death - both emotionally and administratively. A professionally drafted results in a smoother administration of your estate.

Remember, it is important to review your will regularly to ensure it remains relevant to your circumstances. We recommend that you review your will every 5 years or after any major event in your life such as moving to a new house, marriage, divorce or having children. You cannot amend your will once it has been signed and witnessed, although in some circumstances you can change it with a codicil. 

Please contact a member of our Private Client team and we will be delighted to talk you through the options. 

The information provided in this article is provided for general information purposes only, and does not provide definitive advice. It does not amount to legal or other professional advice and so you should not rely on any information contained here as if it were such advice.

Wright Hassall does not accept any responsibility for any loss which may arise from reliance on any information published here. Definitive advice can only be given with full knowledge of all relevant facts.  If you need such advice please contact a member of our professional staff.

The information published across our Knowledge Base is correct at the time of going to press.