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 may need a lawyer to resolve them. Leaving a will removes any 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 to reduce 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.

Not everyone pays Inheritance Tax. It only applies if the value of your estate is above a certain level, which increases every year. You may be able to do some things now to reduce the amount that will have to be paid when you die. 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 and the type of funeral service and music you would like at your funeral.

Wills for couples

If your husband, wife or partner, outlives you, you will want them to be able to carry on 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, and then to the children when both die. 

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.