For most of us in the UK, life brings some mundane milestones, such as buying a house or having children. Increasingly, many of us are also supporting family members in later life.
Although each of these moments is a reason to have a will, writing one is often a task that we understandably put off. Talking about death with loved ones is not an easy conversation. That’s why most people avoid it – but it’s worth having.
A will gives you control, protects your loved ones and can help avoid complexities, delays and costs later.
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 as you know them. If you have children, a will allows you to appoint guardians to look after them if the unexpected happens. Without one, the courts will decide who takes care of them.
At TrinityBridge, we regularly come across a number of reasons why clients have delayed writing a will. These are the most common.
First, age. Many assume that making a will is something to be done later in life, perhaps closer to retirement. it is not. Accidents and illnesses can happen at any age, so it’s important to have a will in place.
Second, assumptions about the family. Your loved ones may know exactly what you would like to happen when you die, but this is not a legally binding directive. 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 a belief that wills are only necessary if you have children, but they are not. A will helps ensure that your money, property, possessions go to the people, charities or causes that matter most.
Finally, there are costs. In reality, the cost of not having a will is often far greater than the cost of having one in place. When someone dies without a will, lawyers 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 much higher legal costs.
A will is a legally binding document, but it doesn’t 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 must be able to adapt to those changes.
A will usually covers matters such as who inherits your property; who will act as your executors; guardians for your children by making sure 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 inheritance laws. While these differ between England, Wales and Scotland, they all follow a formulaic legal process. The law cannot take into account your family’s individual circumstances, nor does it attempt to. The result may differ from your wishes, leading to disputes, delays and difficulties in accessing funds.
For more complex or higher value properties, the risks can be even greater. Without proper planning and structures in place, your estate may face unnecessary tax liabilities, reducing the amount that passes to your beneficiaries.
Making a will is not difficult and, by working with your financial planner and lawyer, the process can be straightforward and efficient. The first step is to speak with a trusted professional who can help you understand your options and identify the most appropriate path forward.
If you already have a will, it’s worth asking when you last reviewed it. Do its provisions still reflect your current circumstances and desires?
It is also important to consider whether any changes in tax, pension or estate planning rules may affect your arrangements. Your financial planner and attorney—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 assets. You should appoint executors to administer your estate and, if appropriate, guardians to look after your children. Your attorney can draft a legally binding document that reflects your intentions and complies with legal requirements.
Once completed, your will should not simply be filed away and forgotten. Regular reviews are essential, especially after life events or changes in tax legislation, to ensure it continues to reflect your wishes.
Having a will is about more than passing your estate on efficiently. It’s about providing clarity, protecting those you care about, and making sure your wishes are respected. It may not be a topic people like to discuss, but it is one of the most important aspects of financial planning.
Planning today for what matters most can ensure security for tomorrow – both for you and the people you care about most.
