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Twenty straightforward answers about wills: the benefits of having one, and the risks of not.
Part 1 of 2
A will gives you control, protects the people you love and makes life easier for your family when they need it most.
A will lets you decide who inherits your money, property and possessions, and who deals with your estate. Without one, the intestacy rules decide for you, and the result may not reflect your wishes. A will also gives your family clarity at an already difficult time.
You can name the people and charities who’ll inherit, leave specific gifts such as jewellery or a sum of money, appoint executors to deal with your estate and name guardians for any children under 18. You can also record other wishes, such as your funeral preferences.
Yes. Unmarried partners have no automatic right to inherit under the intestacy rules, however long you’ve lived together. A will is the simplest way to make sure your partner is provided for, rather than leaving them to make a claim through the courts.
Yes. Your will is where you appoint guardians for any children under 18. If you don’t, and there’s nobody else with parental responsibility, a court may have to decide who raises them.
Executors gather in your assets, pay any debts and taxes, and share out your estate according to your will. Choosing people you trust, whether family, friends or a professional, means your estate is handled by someone who understands your wishes.
It can help. Gifts to a husband, wife or civil partner are usually free of inheritance tax, and leaving at least 10% of your net estate to charity can reduce the rate on the rest from 40% to 36%. Careful planning helps you make the most of the allowances available, and we’ll point you towards specialist tax advice where it’s needed.
Yes, and a will is the only way to do it. Friends, stepchildren (unless legally adopted), godchildren and charities receive nothing under the intestacy rules, so if they matter to you, they need to be named in your will.
Many couples choose “mirror wills”: two separate wills with matching wishes, usually leaving everything to each other and then to the same people. They’re simple and cost-effective, but each will can still be changed independently, so it’s worth talking through what suits you.
Usually, yes. With a clear will, your executors know exactly what you wanted and who should receive what. That reduces uncertainty, delay and the risk of disagreements at an emotional time.
It’s a good idea to review your will every three to five years, and after any major life event such as marriage, divorce, having children, buying a property or a death in the family. Keeping it up to date means it continues to reflect your wishes.
Part 2 of 2
Without a will, the law decides who inherits, and the people closest to you may be the ones left out.
You’ll have died “intestate”, and your estate will be shared out under the intestacy rules. These follow a strict order of relatives and ignore anyone outside it, including unmarried partners, stepchildren and friends. Someone will also need to apply to become the administrator of your estate.
Not always. If you have children and your estate is worth more than £322,000, your spouse or civil partner receives your personal possessions, the first £322,000 and half of the rest. The other half is shared between your children.
Under the intestacy rules they receive nothing. Unless you own your home together as joint tenants, your partner may have no right to stay in it, and they might have to make a claim through the courts, which can be slow, expensive and stressful.
Without a will, you won’t have appointed guardians. If there’s nobody else with parental responsibility, a court will decide who looks after your children, and it may not be the person you would have chosen.
Yes. The rules follow family relationships, not how close you are. If you don’t have a spouse, civil partner or children, your estate could pass to parents, brothers and sisters, or even more distant relatives you rarely see.
If you die without a will and no qualifying relatives can be found, your estate passes to the Crown (known as “bona vacantia”). A will makes sure it goes to the people or causes you choose instead.
It often can. Without an executor, a relative has to apply for Letters of Administration and may need to trace family members and work out who’s entitled to what. That can add time, paperwork and cost for the people you leave behind.
No. Stepchildren who haven’t been legally adopted have no right to inherit under the intestacy rules, even if you raised them as your own. A will is the only way to make sure they’re included.
Yes. Until your divorce or dissolution is finalised, your husband, wife or civil partner is still treated as your spouse under the intestacy rules, and could inherit most or all of your estate. If you’ve separated, it’s important to make or update your will.
In England and Wales, getting married or forming a civil partnership normally cancels any will you made before, unless it was written in expectation of that marriage. If you don’t make a new will, the intestacy rules will apply.
Every family’s situation is different. Talk it through with James Casey, or send us a message and we’ll get back to you.
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