Reasons Why You Should Make A Will

• There are specific rules that apply to how your property and possessions will be distributed if you die without making a Will – and these may not be in accordance with your wishes. See below for more information on Intestacy rules.
• Inheritance between unmarried partners (or those in a civil partnership) can only happen if there is Will in place. Without a Will, the death of one partner can generate severe financial issues for the remaining partner.
• If you’re unmarried, have children and die without a Will, it is probable that any young children will remain in the care of Social Services until formal arrangements with a suitable guardian are made (for more information, see section Provisions for any children under 18.
• A properly drafted Will can ensure the avoidance of disputes between relatives over your estate.
• There are exemptions and reliefs available such as Spouse or Civil Partner exemption or gifts to charity. For more information on avoiding or mitigating Inheritance Tax, please see our separate guide on Inheritance Tax and Resident Nil Band Rate.
• You can state who will be the “executor” of your estate (the person, or people, that will organise your estate and ensure instructions left in your Will are carried out). See section on Executor of your Will for more information on the role.
• You can state in the Will if you’d prefer to be buried or cremated or have any other requests for your funeral.

Rules Of Intestacy (Dying Without A Will)

If you die without making a Will, you’d be an ‘intestate person’ and your property and money must be shared out according to specific rules (Intestacy Rules). These may not be in accordance with your wishes.

The most common Rules of Intestacy are as follows:

• If you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die.
• If you’re married, your spouse might inherit most or all your estate and your children might not get anything (except in Scotland). This applies even if you are separated but not if you’re divorced.
• If you die with no living close relatives, your whole estate will belong to the Crown or to the government.

Provisions For Children Under The Age Of 18

If you have children under the age of 18, you can state in your Will who they will live with, who will be their main guardian and you can leave a Trust for them to access as they get older.

Trusts

A trust is a method of handling assets (investments, money, land or property) for people.

There are several types of trusts and they are used regularly for children for when they reach an age and can access assets. For more information on Trusts, see our separate Guide To Will Choices – Simple vs Discretionary Trusts.

Executor Of Your Will

It’s essential that you name an Executor in your Will. The Executor holds a very important role and they’ll ensure (as much as possible) that your wishes are carried out after your death.

They must gather all the assets of the estate, pay any debts, any applicable taxes, and funeral and administration charges out of money you’ve left. They will distribute the inheritance money and allocate any property to beneficiaries.

The role could be taken on by:

• Family or friends
• A Solicitor
• Your bank

(Please note: if you use a professional service to take on the role, you will incur a fee).

Whoever you choose to execute your Will, it is advisable to appoint someone who is familiar with financial matters – and someone who is comfortable taking on this role as there may be long-term obligations involved, especially if there is a Trust in your Will.

Making Amendments To An Existing Will

It is recommended that you should revise your Will every five years and always following a significant change in your life such as:

• Separation or divorce
• Marriage (this will cancel any previous Will)
• Having children
• Moving home
• The executor of the Will dies

You can change a Will in one of two ways:

• Create a codicil (supplement) to the Will
• Make a new Will

Codicils And Making A New Will

A codicil is an addition to an existing Will. The codicil may note a relatively minor change such as the increase of a cash inheritance or the change of the name of an Executor of the Will.

Note that a codicil is only appropriate for simple changes. If a complicated change such as divorce is involved, it is typically advisable to make a new Will, which should state that the new Will annuls all prior Wills and codicils.

Glossary Of Will Terms

Asset
An item of property owned by a person, considered as having value.

Beneficiary
The receiver of funds, property or other benefits.

Codicil
An addition to an existing Will to note a minor change in circumstances.

Dying Intestate
Dying without having made a Will.

Estate
Everything a person owns including property, the contents of their home, savings and investments.

Executor of a Will
A person (or number of people) who is responsible for ensuring that any debts the deceased had are
paid, and that any remaining assets are distributed in accordance with their wishes in their Will.

Guardian
A person who has been appointed in a Will to look after a child (or children) until they legally can look
after themselves.

Inheritance Tax
A tax paid on money or property that is left to a beneficiary has received from someone who has died.

Intestacy rules
The specific rules that apply to your assets if you die without making a Will.

Trust
A method of handling assets (investments, money, land or property) for people.

Useful Contacts

Government website
www.gov.uk/make-will
Contact: https://www.gov.uk/contact/govuk

HMRC – Inheritance Tax
www.hmrc.gov.uk
0845 302 0900

Cruse Bereavement Care
www.crusebereavementcare.org.uk
0844 477 9400

Probate Service
www.gov.uk/wills-probate-inheritance
0845 3020 900

Remember a Charity
www.rememberacharity.org.uk
020 7840 1030

The Law Society
www.lawsociety.org.uk
020 7242 1222 (England)
029 2064 5254 (Wales)

The Law Society of Scotland
www.lawscot.org.uk
0131 226 7411

The Law Society of Northern Ireland
www.lawsoc-ni.org
028 9023 1614