For most of us in the UK, life brings several common milestones, such as buying a home or having children. Increasingly, many of us are also supporting family members in later life.
Despite each of these milestones being a reason to have a will, writing one is often a task we understandably put off. Talking about death with loved ones is not an easy conversation. That is why most people avoid it – but it is one worth having.
A will gives you control, protects your loved ones and can help avoid complexity, delays and costs later on.
A will is the document that sets out how you want your assets to be distributed after your death. Without one, the law decides, and the law does not know your family circumstances the way you do. If you have children, a will allows you to name guardians to care for them if the unexpected happens. Without one, the courts will decide who looks after them.
At TrinityBridge, we regularly encounter a number of reasons clients have delayed writing a will. These are the most common.
First, age. Many assume that making a will is something to deal with later in life, perhaps closer to retirement. It is not. Accidents and illness can happen at any age, which is why it is important to have a will in place.
Second, assumptions about family. Your loved ones may well know what you would like to happen when you die, but that is not a legally binding instruction. Without a will, your estate will be distributed according to the rules of intestacy, and the outcome may be very different from what you intended.
There is the belief that wills are only necessary if you have children, they are not. A will helps ensure that your money, property, possessions pass to the people, charities or causes that matter most.
Finally, there is cost. In reality, the cost of not having a will is often far greater than the cost of putting one in place. When someone dies without a will, solicitors may need to identify family members, trace assets and follow complex legal procedures before the estate can be distributed. This can take many months to resolve and often results in significantly higher legal costs.
A will is a legally binding document, but it does not need to be complex. It can be as simple or as detailed as your circumstances require. Family situations evolve and tax rules change over time, so a well-drafted will should be capable of adapting to those changes.
A will typically covers matters such as who inherits your estate; who will act as your executors; guardians for your children ensuring they are cared for by people you trust; specific gifts to family, friends or charities; and your funeral preferences.
Without a will, your estate will be distributed according to the relevant succession laws. While these differ between England, Wales and Scotland, they all follow a formulaic legal process. The law cannot take account of your family’s individual circumstances, nor does it attempt to do so. The outcome may differ from your wishes, leading to disputes, delays and difficulties in accessing funds.
For more complex or higher-value estates, the risks can be greater still. Without appropriate planning and the right structures in place, your estate may face unnecessary tax liabilities, reducing the amount passed on to your beneficiaries.
Making a will is not difficult and, by working with your financial planner and solicitor, the process can be straightforward and efficient. The first step is to speak to a trusted professional who can help you understand your options and identify the most appropriate way forward.
If you already have a will, it is worth asking when you last reviewed it. Do its provisions still reflect your current circumstances and wishes?
It is also important to consider whether any changes to tax, pension or estate-planning rules could affect your arrangements. Your financial planner and solicitor – often working alongside tax specialists – can review your will and help ensure it remains appropriate as your circumstances evolve.
Creating a will begins with documenting your assets and wishes, including property, savings, investments, pensions and personal possessions. You need to appoint executors to administer your estate and, if relevant, guardians to care for your kids. Your solicitor can draft a legally binding document that reflects your intentions and complies with the legal requirements.
Once completed, your will should not simply be filed away and forgotten. Regular reviews are essential, particularly following life events or changes to tax legislation, to ensure it continues to reflect your wishes.
Having a will is about more than passing on your wealth efficiently. It is about providing clarity, protecting those you care about and ensuring that your wishes are respected. It may not be a subject people enjoy discussing, but it is one of the most important aspects of financial planning.
Planning today for what matters most can provide reassurance for tomorrow – both for you and for the people you care about most.
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