A Will helps you put your affairs in order, plan your inheritance and make your wishes known. Many people put it off, assuming it can wait. Dying without a will means the law determines how your estate is shared, and that may not reflect your wishes or may create further complications for those you leave behind.
Decide who inherits and avoid dying without a will
A Will lets you choose who receives your money, property and possessions, including sentimental items such as jewellery, family photographs and heirlooms.
Dying without a will matters especially for unmarried couples and those not in a registered civil partnership. The rules of intestacy do not generally give unmarried partners the same automatic inheritance rights as spouses and registered civil partners, which could leave a surviving partner in financial uncertainty.
Protect your family from the risks of dying without a will
If you have children under 18, a Will allows you to nominate guardians to care for them if both parents die. You can also appoint executors to administer your estate and leave instructions for your funeral arrangements.
Consider tax and charitable gifts
Inheritance Tax can be an important consideration, depending on the value and structure of your estate. Leaving money to charity in your Will can also affect the tax your estate pays.
Inheritance Tax rate on some assets
In certain circumstances. Bars are drawn to scale. The charity rule depends on how your estate is structured, so take advice before relying on it.
Keep your Will up to date
A Will is not a one-off exercise. Review it regularly, and whenever your circumstances change, such as after marriage or divorce, the birth of a child or a significant change in your finances. It is also a good moment to review life insurance, pension beneficiary nominations and other protection, to make sure they match your wishes and are written into an appropriate trust where suitable.
Give yourself peace of mind
A properly drafted Will, kept up to date, puts you in control, avoids the problems of dying without a will and makes things easier for your loved ones at a difficult time. If you would like to review your existing arrangements, we can help with the financial planning that sits around it.
Writing a Will does not have to be complicated or expensive, but it should be done properly. Taking advice means your wishes are clearly recorded, your executors are named and your family are protected if something unexpected happens. It is one of the simplest ways to avoid the stress and cost of dying without a will.
Related reading: why you should make a Will, our Inheritance Tax planning overview and the government’s guidance on how to make a will.
Discuss your situation with us
Advice is given online, at a time that suits you. Our calls and meetings are free, and you only pay if you wish to proceed with our recommendations.
Prefer to talk first? Call 0208 611 2521 (Wimbledon) or 01252 411 851 (Farnham), Monday to Friday, or email info@comptonfinancial.co.uk. In-person meetings in Wimbledon or Farnham are available by pre-arrangement.
This article is for general information and does not constitute tax, legal or financial advice. It should not be relied upon as such. Estate planning, tax planning and Will writing are not regulated by the Financial Conduct Authority.
Our services relate to certain investments whose prices are dependent on fluctuations in the financial markets beyond our control. Investments and the income from them may go down as well as up and you may get back less than the amount invested. Past performance cannot be used as a reliable prediction of future performance.
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