Over half of UK adults haven’t made a Will, and as many as 13% have no intention of doing so*. While some people don’t feel they have enough wealth to justify it, many just don’t want to think about the inevitable or are simply putting it off. But not having a legally binding Will in place can cause issues for your loved ones once you’ve gone.
Aside from dictating who should inherit your money, property and possessions, the most important reasons for writing a Will include appointing guardians for your children, avoiding the risk of family disputes, protecting your family home and reducing Inheritance Tax.
For these reasons alone, it makes sense to write a Will as soon as you can. In this blog, we’ll take a look at some more compelling reasons to write a Will, and look at what might happen if you die without one.
While you can write your Will yourself, it’s recommended that you get professional advice, especially if you have a large or complex Estate. Redwood Financial has decades of experience in Will Writing, and can help ensure your Estate, your wishes and your family are well-protected.
*Source: Canada Life, 2024
What might happen if you don’t make a Will
In England and Wales, if you die without a Will, your Estate is dealt with under the Rules of Intestacy. While these rules are intended to be as fair and straightforward as possible, they are limited in scope, favouring spouses, civil partners and biological relatives.
For example, many people assume their spouse or civil partner automatically inherits everything, but that isn’t always the case. If you have children and die Intestate, your spouse will receive all of your personal belongings, the first £322,000 of your Estate, and 50% of whatever is left over. The remaining half goes to your children.
In practical terms, this can create real pressure. If most of your wealth is tied up in your home, your spouse may need to sell it to release funds for the children’s share, even if they still live there.
For unmarried couples, the position is more stark. A long-term partner has no automatic entitlement, regardless of how long you’ve been together.
Aside from your Estate, guardianship of your children is the biggest risk of not creating a Will. Without one, the Family Courts will decide who raises your children, which may not be the person you would have chosen.
These scenarios can be very stressful for those you leave behind at an already difficult and emotional time. By making a Will, you leave behind more than a legacy: you can ensure your family and loved ones are protected and properly looked after.
12 important reasons to write a will
1. To name your children’s Legal Guardian
Drafting a Will is not just about who gets what. If you have children, your Will specifies your chosen Legal Guardian should both parents die. Without a Will, the decision could be left to the Family Courts. If you have appointed any friends or family members as your children’s godparents, unfortunately, this isn’t legally binding.
A Will gives you valuable peace of mind, ensuring your children are raised by someone you trust and who shares your values.
2. When you become a new parent
If you have recently become a parent, it is an ideal time to create a new Will or update your previous Will. Should the unthinkable happen, your child will be cared for by your appointed guardian (see above).
Your Will also allows you to dictate how your children benefit from their inheritance. That might include supporting their education, covering everyday needs like clothing, funding hobbies, or helping them build a nest egg for a future home.
By setting up a Trust, you can decide when funds are released and how they’re used, rather than handing over everything at once. It’s a practical way to protect your children’s future while guiding how the money supports them at different stages of life.
3. To provide for stepchildren or foster children
Not every family fits neatly into a legal definition. You may have stepchildren whom you consider as your own or perhaps foster children who rely on you. But under the rules of intestacy, only spouses, civil partners and blood relatives can automatically inherit. By putting a Will in place, you can make sure all of your children, biological or otherwise, are recognised and provided for in the way you intend.
4. To protect your unmarried partner
The law does not recognise “common law” partners in the same way as it does marriages and civil partnerships. No matter how long you’ve been together, your partner has no automatic right to inherit under the Rules of Intestacy. Instead, your estate could pass to children, grandchildren, parents or even siblings. This could leave your partner in a difficult position at an already challenging time.
By putting a Will in place, you can ensure they are properly supported to reflect the life you’ve built together.
5. To safeguard your family home
If your family home is in your sole name and you pass away without a Will, your unmarried partner has no automatic legal right to remain living there, even if they have contributed financially.
Even for married couples, the situation is not always as straightforward as you may think. If you don’t own your home as Joint Tenants, your share of the property does not automatically pass to your spouse. Instead, it forms part of your Estate and is distributed according to intestacy rules. If you have children, this can create real pressure, as your spouse may have to sell the property to pay for their entitlement.
With a legally valid Will, you can ensure your partner or spouse has the right to remain in the property for as long as they need, whether that is for life or until a certain point in the future.
You can also decide how and when your share of the home is passed on to your children, striking a sensible balance between protecting your partner and preserving your family’s long-term inheritance.
6. To avoid the risk of family disputes
Not every family is harmonious, and when someone passes away without a Will, it can leave far too much open to interpretation, causing arguments among surviving relatives.
Contested Wills can be stressful, drawn-out and expensive. A well-prepared Will removes any uncertainty, makes your intentions clear and spares your family unnecessary distress.
7. To minimise the Inheritance Tax due
Without a will, your Beneficiaries could face paying more Inheritance Tax than necessary.
The amount of Inheritance Tax due will depend on how much you leave and who you leave it to. Anything left to your spouse or civil partner is automatically exempt from Inheritance Tax.
A well-prepared Will allows you to use the Nil-Rate Band and the Residence Nil-Rate Band, potentially allowing you and your spouse to pass on up to £1 million tax-free.
However, it’s important to consider the following generations. Without effective Inheritance Tax Planning, you could well be passing the problem down the line to a younger generation. If your adult children come to face their own Inheritance Tax issue, your generous bequest could exacerbate it.
Creating Trusts within your Will enables your wealth to be passed down in a more tax-efficient way, mitigating the problem for generations to come.
8. If you are recently married
Writing a Will when you get married helps ensure your wishes are clear, your partner is protected, and your Estate is passed on as intended. Many married couples opt for Mirror Wills, which set out matching instructions, while still allowing for flexibility if circumstances change.
If you have recently remarried, your existing Will automatically becomes invalid in England and Wales. If you don’t produce a new will, your Estate could end up split between your new spouse and children from a previous marriage, potentially causing arguments.
Unfortunately, getting divorced does not override your Will, meaning your ex-partner may still be in line to inherit from your Estate. That’s why regularly reviewing and updating your Will to ensure it still reflects your situation is wise.
9. To put the people you trust in charge of your affairs
In your Will, you can name your Executor, i.e., who you would like to settle your affairs and carry out your final wishes when you pass away.
Choosing your Executor in advance allows you to select the person (or people) you most trust and gives them time to fully understand their role. At Redwood Financial, we can advise your Executors so they have complete clarity about what they need to do when the time comes.
10. To take care of your pets
You may be worried about what will happen to your much-loved pets if you were to die. In your will, you can stipulate who you want to look after your pets, plus set aside funds to support their ongoing care.
11. To protect your digital assets
Nowadays, our Assets are more than just property, money in the bank and physical goods. Most of us have digital accounts and online assets, such as music, photographs, or websites, and it’s important to protect them in your Will.
That includes the arrangements you want to make to either protect or destroy emails and social media accounts.
12. To make donations
Many people choose to leave money to charity upon their death. Aside from supporting a cause close to your heart, you can also potentially reduce the amount of Inheritance Tax paid by your family if you leave more than 10% of your assets to charity.
The same rules apply to political party bequests, although we have not actually been asked to do that by any clients to date!
Will writing services from Redwood Financial
Writing a Will is one of the most important steps you can take to protect your family, your home and everything you’ve worked hard to build. While you could write it yourself, it’s essential that it is properly structured and executed to avoid any ambiguity.
At Redwood, we have been helping clients with our Will-writing services for decades. We will take the time to understand your family dynamics and the complexities of your Estate, and produce a legally binding document that reflects your wishes and protects your loved ones.
To get started, we highly recommend that you join one of our FREE Wills, Trusts and Estate Planning webinars. Alternatively, complete our simple online form, and we will be in touch as soon as possible.
Further reading
Updating and Changing Your Will
How to exclude someone from your Will
Frequently Asked Questions – reasons to make a will
At what point should you have a Will?
You should consider making a Will as soon as you have something or someone you want to protect. Common triggers include buying a property, having children, moving in with an unmarried partner, starting a business or receiving an inheritance.
You do not need to be wealthy. Even a relatively simple Estate can be difficult for surviving relatives to administer without clear instructions.
Can someone with dementia make a Will?
A dementia diagnosis does not automatically prevent someone from making a Will. The key question is whether they have the necessary mental capacity when the Will is made.
Capacity can fluctuate, so it is important to seek advice as early as possible. A professional may recommend obtaining medical evidence and taking additional steps to demonstrate that the person understood the Will and made their decisions freely.
Can you include funeral arrangements in your Will?
Yes. You can leave instructions about burial, cremation, music, readings or other funeral wishes.
However, funeral wishes in a Will are not currently legally binding in England and Wales. The Will may also be read after arrangements have begun, so discuss your preferences with your family or Executors and keep a separate accessible record.
