A will is the single most important legal document most people will ever need. Without one, the law decides who inherits your assets, which may not reflect your wishes at all. Despite this, research from Royal London shows that over half of UK adults do not have a will in place. This guide explains what a will is, why you need one, and how to go about creating a legally valid document that protects your family.
Why You Need a Will
If you die without a will (known as dying intestate), the Rules of Intestacy dictate who inherits your estate. Under these rules, unmarried partners receive nothing regardless of how long you have been together. Your estate may also be divided in ways you would not have chosen. A will allows you to name exactly who should benefit, appoint guardians for minor children, specify funeral wishes, and potentially reduce the inheritance tax your beneficiaries pay. Writing a will provides certainty and peace of mind for both you and your loved ones.
Types of Wills
A simple will covers the straightforward distribution of your assets. A mirror will is two separate wills created by a couple (married or civil partners) with matching provisions. A trust will includes one or more trusts that protect assets for beneficiaries. A living will (advance decision) sets out your wishes regarding medical treatment if you become unable to make decisions. Each type serves a different purpose, and many people combine a standard will with a trust element for added protection.
Choosing Executors and Guardians
Your executor is the person legally responsible for administering your estate after you die. This includes paying debts, filing tax returns, and distributing assets according to your will. You can appoint one or more executors, and they can be family members, friends, or professional advisers such as solicitors. If you have children under 18, your will should also name a guardian who will take responsibility for their care. Choosing the right people for these roles is one of the most important decisions in the will-writing process.
Inheritance Tax (IHT) Considerations
In the UK, inheritance tax is charged at 40% on the value of an estate above the nil-rate band, which is currently £325,000. An additional £175,000 residence nil-rate band may apply if you leave your main home to direct descendants, giving a combined threshold of £500,000 (or £1 million for a married couple). Assets passed between spouses or civil partners are exempt from IHT. Careful estate planning through your will can help minimise the tax burden on your beneficiaries.
When to Update Your Will
You should review your will after any major life event: marriage or civil partnership (which automatically revokes a previous will in England and Wales), divorce, the birth of a child, a significant change in your financial circumstances, or the death of a named beneficiary or executor. Even without such events, it is good practice to review your will every three to five years to ensure it still reflects your wishes.
Key Takeaways
- Over half of UK adults do not have a will, leaving the law to decide who inherits.
- A will lets you name beneficiaries, appoint guardians, and reduce inheritance tax.
- Marriage automatically revokes a previous will in England and Wales.
- The combined IHT threshold can be up to £1 million for married couples leaving a home to descendants.
- Review your will every 3–5 years or after any major life event.
Frequently Asked Questions
How much does it cost to write a will?
A simple will from a solicitor typically costs £150–£300. Mirror wills for couples cost £250–£500. Complex wills involving trusts can cost £500–£1,000 or more.
Can I write my own will?
You can, but a professionally drafted will reduces the risk of errors that could make it invalid or lead to disputes.
What happens to digital assets like social media?
You can include digital assets in your will. Nominate a digital executor and provide a secure list of account details and your wishes for each.
Written by
Rebecca Marsh
LLB, Private Client Solicitor
This guide has been written and fact-checked by a qualified professional to ensure accuracy. All information is regularly reviewed and updated. Wisehande editorial standards require expert authorship and peer review for every guide we publish.
