Making a will can help to ensure that your final wishes are followed and your family’s interests are protected after you die. Dying without a will can make it difficult for your family to access your assets and in some cases, the absence of a will leads to the estate being distributed according to strict legal rules rather than your preferences.
What is a will?
A will is a private but legally binding document that allows you to state what should happen after you die. It typically covers who should inherit your property, money and belongings. However, it can also include instructions for your funeral and name the people you would like to be responsible for settling your affairs.
The majority of people in the UK have not put a will in place. Research from 2023 shows that 57% of UK adults - more than 30 million people - do not have a will. Even among the older population, over the age of 55, one-third still doesn’t have a will.
What stops people from making a will?
Many people put off making a will because they feel they have plenty of time. Others say they are unclear about the will-writing process.
A quarter of people who have not made a will say that they don’t have enough money or property to justify making one or that they do not need to make a will because their family will inherit automatically. Some simply don’t know who they would leave their estate to.
Why you should make a will
There are many reasons to make a will, from protecting your family to making sure you leave something to your favourite charity.
Secure your wishes
The main reason for most people to write a will is to ensure money and possessions they leave behind are shared in the way they want. Even if you don’t think you have a great deal to leave your family, dying without a will means that whatever you do leave will be distributed according to default legal rules rather than your wishes.
Help reduce upset
As with putting a funeral plan in place, writing a will can help to reduce stress and upset for your loved ones during what is likely, a very difficult time. After a bereavement, the bureaucracy can feel overwhelming. Writing a will helps ease the administrative and financial pressures that are caused when no legal instructions have been left.
Inform your executors
When you write a will, you choose your executor, or executors, in advance, allowing you to appoint the people you think will be best placed to look after your affairs after you die. It also allows you to speak about your final wishes with the people tasked with carrying them out.
Protect your partner or children
Unmarried partners are not entitled to anything from your estate unless specifically stated in your will. So if you are not married, writing a will ensures your partner will receive their fair share of your estate. Equally, if you remarry, children from a previous marriage may not benefit from your estate if you do not have a will that states what you want them to inherit.
Avoid arguments
Setting out your wishes clearly in a will can also help to avoid conflict. Without a will, there is scope for disagreements that can cause long-term damage to family relationships and in the worst cases, significant legal expenses. A well-written will can help avoid these types of arguments.
How to make a will
You can make a will in several ways - with the help of a solicitor, using an online will-writing service, or even doing it yourself.
Before you begin, it will be helpful to list your assets, such as your property, savings and investments. You should also list your debts, including your mortgage, and any loans and overdrafts.
You will also need to decide who should inherit what and who you want your executor to be (the person who will settle your affairs when you die). You will need full names and addresses for your beneficiaries and executors.
Once you have a written will that reflects your wishes, it will need to be signed by two independent witnesses and then stored safely, either in your home or with a solicitor or bank.
