Life can be full of surprises, but your estate planning doesn’t have to be.
While many people find the thought of writing a will uncomfortable or assume it’s something they can put off until later, the reality is that having a will is one of the most important things you can do to protect your loved ones and ensure your wishes are carried out.
Perhaps you’ve been putting off writing a will because you think you’re too young, don’t have enough assets, or find the process overwhelming.
These are common hesitations, but they shouldn’t prevent you from taking this step. Without a will, the law decides how your money, property, and possessions are distributed, and this may not align with your wishes at all.
Creating a will is about having control over what happens to everything you’ve worked for, ensuring your family is protected, and providing clear guidance during what will already be a difficult time for your loved ones.
This guide will help you understand when to write a will, the types available, key considerations involved, and the potential costs associated with the process.
When Should I Write a Will?
The simple answer is: as soon as you turn 18 and have any assets or responsibilities worth protecting. Life is unpredictable, and having a will ensures that no matter what happens, your wishes will be carried out and your loved ones will be taken care of.
Key life milestones that make will writing essential include:
Getting married or entering a civil partnership – It’s important to note that marriage automatically revokes any existing will unless it was specifically made in contemplation of that marriage. You’ll need to create a new will or update your existing one to reflect your new circumstances.
Having children – A will allows you to appoint guardians for your children and make financial provisions for their care. Without a will, the courts will decide who cares for your children, which may not align with your preferences.
Buying property – Property is often your most valuable asset, and a will ensures it passes to the right people in the most tax-efficient way possible.
Starting a business – Business interests need careful planning to ensure continuity and proper valuation for inheritance purposes.
Retirement – As you approach retirement, your estate planning needs become more complex, particularly regarding pension provisions and inheritance tax planning.
Common myths that prevent people from writing wills:
“I don’t have enough assets.” Even modest assets like personal possessions, savings accounts, or insurance policies benefit from clear direction about distribution.
“I’m too young.”ย Age isn’t a factor when it comes to the importance of having a will. Young people often have fewer complications, making it an ideal time to establish their wishes.
“It’s too complicated.” While some estates are complex, many wills are straightforward documents that can provide immense peace of mind.
If you die without a will (called dying “intestate”), strict legal rules determine how your estate is distributed. These rules often don’t reflect modern family arrangements and can cause significant problems, particularly for unmarried couples who have no automatic inheritance rights under intestacy laws.
What Are the Different Types of Wills?
Understanding the different types of wills available will help you choose the right approach for you. Here are the main options:
Single Wills: This is the most common type of will, created by one individual regardless of their marital status. A single will gives you complete control over your assets and allows you to make provisions that reflect your specific circumstances and wishes. This type is suitable whether you’re single, married, or in a partnership.
Mirror Wills: Mirror wills are created by couples (married or unmarried) who want to make virtually identical provisions. Typically, each partner leaves everything to the other, with the same ultimate beneficiaries if both die. These are cost-effective for couples with similar wishes and straightforward estates. Mirror wills work best when couples have shared assets, similar family circumstances, and aligned views on inheritance.
Trust Wills: These incorporate trusts within the will structure, offering significant benefits for asset protection and tax planning. Trust wills can protect assets from being lost through beneficiaries’ potential future divorces, bankruptcy, or poor financial decisions.
They’re particularly valuable when you want to provide for someone who may not be capable of managing a large inheritance or when you want to minimise inheritance tax liability. Trust wills are more complex but offer greater control over how and when beneficiaries receive their inheritance.
Statutory Wills: These are court-approved wills created for individuals who lack the mental capacity to make a will themselves. The Court of Protection must approve these wills, and they require evidence that the will reflects what the person would have wanted if they had capacity. This process is complex and expensive, highlighting the importance of making a will while you have full mental capacity.
Living Wills (Advance Directives): While not a traditional will, living wills are important complementary documents that set out your preferences for medical treatment if you become unable to communicate your wishes. These can specify your views on life-sustaining treatment, resuscitation, and other medical interventions. Living wills provide crucial guidance to family members and medical professionals during difficult times.
Choosing the right type depends on several factors:
- Your family circumstances and relationships.
- The complexity and value of your assets.
- Your concerns about asset protection.
- Tax considerations.
- Whether you have specific wishes about medical care.
Essential Things to Consider When Writing a Will
When preparing to write a will, there are several matters you will need to think through carefully.
Taking time to consider these elements thoroughly will ensure that your will accurately reflects your wishes and provides comprehensive coverage of your estate.
Your Assets and Estate: Begin by creating a comprehensive inventory of everything you own. This includes your primary residence and any other UK property, as well as any overseas property that may require additional considerations. Include all savings accounts, investments, stocks and shares, and any valuable personal possessions such as jewellery, art, or collections.
Don’t forget about life insurance policies, pension funds, and any business interests you may hold. These assets often have their own beneficiary arrangements, but it’s important to ensure these align with your overall estate planning. Consider both assets you own solely and those you own jointly with others, as these may be treated differently.
Your Beneficiaries: Decide who you want to benefit from your estate. This might include immediate family members, extended family, close friends, or charitable organisations. Consider whether you want to make specific gifts (like leaving a particular item to someone special) or whether you prefer to divide your estate proportionally.
Think about contingency planning: what happens if a primary beneficiary dies before you? Should their children inherit their share, or should it go elsewhere? For charitable giving, ensure you have the correct legal names and registration numbers for any organisations you wish to benefit.
Guardianship for Children: If you have children under 18, appointing guardians is one of the most important decisions you’ll make. Consider who shares your values and parenting style, who has the time and energy to take on this responsibility, and whether they’re willing to accept this role.
Think about practical considerations like location: do you want your children to stay in their current area near schools and friends, or is the quality of care more important than location? Consider appointing backup guardians in case your first choice is unable to fulfil the role when needed.
Choosing Executors: Executors are responsible for administering your estate, which involves collecting assets, paying debts and taxes, and distributing inheritance according to your will. Choose people you trust completely who are organised and capable of handling administrative tasks.
Consider whether to appoint family members, friends, or professional executors like solicitors. Professional executors bring expertise but charge fees, while family executors are usually free but may find the role more challenging.
You can appoint multiple executors (up to four can act simultaneously) to share the responsibility.
Funeral Wishes: While not legally binding, including your funeral preferences in your will provides important guidance to your family. Specify whether you prefer burial or cremation, any particular type of service, and any specific requests about the ceremony.
Consider whether you want to pre-pay for funeral arrangements or set aside funds for this purpose. This can relieve your family of both the financial burden and the stress of making these decisions during their time of grief.
Tax Implications: Inheritance tax can significantly impact the value of what your beneficiaries receive. Currently, estates over ยฃ325,000 may be liable for inheritance tax at 40%, though various reliefs and exemptions can apply.
Consider strategies like making use of annual gift exemptions during your lifetime, leaving money to charity (which can reduce the inheritance tax rate), or using trusts to manage tax liability. These are complex areas where professional advice is advised.
Regular Updates: Your will should be a living document that evolves with your circumstances. Plan to review it regularly, ideally every five years or after any major life event. Remember that marriage automatically revokes a previous will unless it was made in contemplation of that marriage, so you’ll need a new will when you marry.
Other circumstances requiring updates include divorce, the birth of children or grandchildren, significant changes in your financial situation, or changes in your relationships with beneficiaries.
How Much Does Will Writing Cost?
The price of a will varies significantly depending on the method you choose and the complexity of your estate.
DIY Will Kits: Basic will-writing kits are available from high street stores and online for ยฃ10-ยฃ50. These provide templates and guidance for creating a simple will yourself. They’re suitable for straightforward situations where you want to leave everything to your spouse and then to your children, with no complex arrangements.
However, DIY wills have limitations. They may not cover unusual circumstances, and there’s a risk of errors that could invalidate the will or cause problems later. The small upfront saving could prove very costly if the will doesn’t work as intended.
Online Will Services: Online will-writing services typically cost ยฃ50-ยฃ400 (depending on the type of will you would like to create) and offer more sophisticated questionnaires and automated document creation. Many include basic legal review and some customer support, though this can vary.
These services suit people with relatively straightforward estates who want more guidance than a basic DIY kit provides.
The limitations include less flexibility for unusual circumstances and limited ongoing support for updates or questions that arise later.
Solicitor-Prepared Wills: The cost of professional will writing by solicitors can vary depending on factors such as the complexity of your estate, the time required for meetings and drafting, whether trusts are involved, and the solicitor’s location and experience level. Most solicitors will provide a clear fee estimate upfront.
Professional will writing includes comprehensive legal advice, proper consideration of tax implications, ongoing support for questions, and often storage of the original will. The peace of mind and protection against errors often justify the higher cost.
Valid Will Requirements and Next Steps
For your will to be legally valid and enforceable, it must meet specific legal requirements. Understanding these requirements ensures your will stands up to legal scrutiny when it’s needed.
Legal Requirements for Validity: You must be at least 18 years old to make a valid will. The will must be made voluntarily, without pressure or coercion from others. You must have mental capacity, meaning you understand what you’re doing, the extent of your assets, and the claims others might have on your estate.
The will must be in writing (typed or handwritten) and signed by you in the presence of two witnesses who are both present at the same time. After you’ve signed, both witnesses must sign the will in your presence while you and the other witness are present.
It should be noted that witnesses (or their spouses or civil partners) cannot benefit from the will – if they do, their gift becomes invalid. Choose witnesses who are over 18, of sound mind, and have no interest in your estate.
Next Steps: Start by honestly assessing your situation. Consider the value and complexity of your estate, your family circumstances, and your comfort level with different approaches to will writing.
Choose the type of will that best suits your needs. Simple situations might suit basic approaches, while complex estates require professional help.
Decide whether to use a DIY approach, an online service, or a solicitor based on your circumstances and comfort level. Remember that the most expensive option isn’t always necessary, but the cheapest option isn’t always adequate.
Gather all necessary information about your assets, debts, and the people you want to benefit. Having this organised before you start makes the process much smoother.
Make arrangements for the safe storage of your will. Whether you use a bank safe deposit box, solicitor’s storage, or keep it at home, make sure your executors know where to find it.
Plan to review your will regularly. Set a reminder to check it every few years or after major life events to ensure it continues to reflect your wishes.
Start Planning Today
Writing a will is one of the most important things you can do to protect your loved ones and ensure your wishes are carried out.
Remember that the “perfect” time to write a will rarely arrives – life is always changing, and there will always be reasons to postpone this important task. The key is to start with what you have now and update your will as your circumstances evolve.
At Tann Law Solicitors, our experienced team specialises in helping individuals and families create wills that provide security, peace of mind, and protection for the future.
We understand that every situation is unique, and we’re here to guide you through the process with care and sensitivity.
Don’t let another day pass without this essential protection in place. Contact our team today to discuss your will and take the first step toward securing your family’s future.