Getting peace of mind

Having worked hard to earn a living and to gather around you the things you enjoy, you will want them to be appreciated by those to whom you leave them. Writing a will enables you to plan what will happen to your money and possessions (your estate), so you can live the rest of your life without worrying about the future.

Dying intestate (not leaving a will) would cause those who will have to deal with your affairs a lot of problems, because they may not be sure of how you want your estate distributed after your death. They will be obliged by law to deal with the estate and distribute it in a particular way, which may not be what you would have chosen.

Avoiding disputes between relatives

Disputes over wills can drive families apart and are likely to require the services of a lawyer to resolve them. Leaving a will removes doubt about to whom you want to leave your money and property.

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Giving pleasure to your beneficiaries

It can be hard for those who care about you to raise the subject of your death, but if they do not know your wishes they may worry about how you would like your estate distributed after you have died. Deciding whom you want to leave your possessions to (your beneficiaries) will give you the peace of mind of knowing that they will go to the people you intended. In fact, giving away some of your possessions now can be a way of reducing the amount of tax that will need to be paid on your estate. You could consider giving away some items sooner rather than later, to save Inheritance Tax.  However, it is worth seeking professional advice about this, to be sure that it is what would suit you best.

Saving on Inheritance Tax

If you do not take professional advice about how best to plan your financial affairs before your death, and leave a properly drafted will, it is possible that some of your estate will go to the government in unnecessary tax, especially Inheritance Tax.

The level at which Inheritance Tax is payable changes each year. There may be some steps you can take now in order to reduce the amount that will become payable on your death. For example, it might be possible to change the way you own your property - see Tax issues

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Your funeral and what happens to your body

Your will is a good way of letting people know whether you would prefer to be buried or cremated, the type of funeral service and music you would like at your funeral, and whether you would like to leave your body for medical research or transplants.

Wills for couples

If your husband or wife, or partner, outlives you, you will want them to be able to continue life with as little disruption as possible. This is particularly important if you own the property you live in. Therefore, it is common practice for couples, whether they are married or in a civil partnership, to make ‘mirror wills’: these usually specify that the first to die leaves everything to the other, or to the children if the person who wrote the will is the survivor. 

This can be achieved using a very simple type of will. It still allows the partner making the will to make specific gifts to other people and to take measures to avoid excessive Inheritance Tax being taken from his or her estate.