Reasons for making a will

What is a will?

A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die.

It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.

Sometimes known as your last will and testament, it's a legally-binding document - but if you don't prepare it properly, it may not be valid.

You are free to write your will yourself, but if you have a complicated estate, or simply want help, you can enlist the support of a solicitor or expert will-writer.

As many as 60% of people don't have wills, by some estimates. If you die without one, your estate will be distributed according to strict rules, meaning the people you care about may lose out.

• Find out more: how to make a will

14 reasons to make a will

Here, we look at some of the top reasons for making a will, and how dying without one could affect your loved ones.

1. Make a will to name your children's guardian

When writing a will, you don't just decide how your estate is divided up. You also have a say as to who should look after your dependents. If they're under 18, you can also appoint their legal guardians.

If you don't, the decision could be left to the family courts, who may choose a person you wouldn't agree with.

Most people nominate more than one guardian, or at least a substitute guardian in case the first is unwilling to unable to take the role. 

Choosing a godparent is not the same as choosing a guardian, as godparents have no legal rights. If you wish the godparents to look after your children if you die, you must name them as guardians in your will.

2. Ensure your children are provided for financially

As well as saying who will raise your children, you can make plans to provide for their future financially. This might include putting aside money for their education, making sure they receive a set amount each year for clothing or hobbies, or establishing a nest egg to buy a home.

You may wish to consider setting up a trust to provide for your children, as this gives you an element of control over when your children receive the money, and what it gets used for.

There are two ways to set up a trust: you can either establish it while you are still alive, or leave instructions for it to be established when you pass away. See our guide to will trusts to learn more about your options, how different types of trust work and what they might cost.

If you do decide to set up a trust, you'll need to consider who should manage this trust. You should think carefully about who the best person would be to safeguard your children's assets and help plan for their future. The trustee is essentially in control of your children's finances. You might want to appoint your partner as one of the trustees, with either one or two further trustees, or substitute trustees in case both parents pass away.

You'll also need to decide on the age of inheritance - unless the will says otherwise, they will automatically receive access to their assets at 18 in most cases, although the default in Scotland is for the child to inherit at 17. 

3. Provide for your dependents, including step-children

Your step-children may be a big part of your life, or even be your only children, but the law states that only spouses or blood relatives can automatically inherit if there is no will.

If you want to provide for your step-children, you'll need to write a will that includes them. The same goes for foster children, or any other dependents who may rely on you for support.

4. Protect your partner if you're unmarried

Unmarried partners aren't entitled to anything from your estate unless specifically stated in your will - no matter how long you've been together.

Writing a will ensures your partner will receive their fair share of your estate.

5. Revise beneficiaries from trusts, pensions or insurance

If you have a life insurance policy, a pension scheme or other assets held in trust, these will not be passed down within your will.

If you want your children or partner to inherit these financial products, you'll need to contact each provider and nominate them as your beneficiaries.

• Find out more: best life insurance in the UK

6. Safeguard your family home

If the family home is in your name, your unmarried partner and step-children aren't automatically in line to inherit it if you die without a will - meaning they may lose their home.

You can leave them a share of the property in your will, or a right to reside in the property.

7. Head off family disputes

Dividing up an estate can sadly sometimes lead to squabbles and arguments among your survivors if there is no will or your wishes aren't made clear.

Contested wills can be damaging to relationships among your family, and can also be expensive if decisions about your estate are legally contested.

A well-prepared will can help avoid these arguments, and avoid making your passing even more stressful for your survivors.

8. Avoid paying more inheritance tax than you need to

The amount of inheritance tax that will be charged from your estate depends on how much you have, and also who you leave it to.

Anything left to your spouse or civil partner will be automatically exempt from inheritance tax. Leaving property to your children and grandchildren is also likely to generate a lower inheritance tax bill than leaving it to others.

• Find out more: Inheritance tax: thresholds, rates and who pays

9. Create a legal will if you're recently married

When you marry, your existing will automatically become invalid in England and Wales. According to the rules of intestacy, this means your estate could end up split between your new partner and children from a previous marriage, potentially causing arguments.

In Scotland, on the other hand, prior wills are not automatically invalidated by marriage - so if you die, your new spouse may not inherit anything if your old will does not include them.

And getting divorced doesn't override your will, meaning your ex-partner may still be in line to inherit from your estate.

As such, it makes sense to regularly review your will so it still reflects your situation, particularly after a marriage or separation.

10. Decide who you would like to settle your affairs

Within your will, you can name an executor, or multiple executors, who will be in charge of carrying out your final wishes.

Choosing your executor in advance allows you to select the best person for the task. It also gives the executor prior warning so they can prepare themselves.

To learn more about the responsibilities of being an executor, have a look at our guide what is probate?.

11. Say who you want to look after your pets

If you have dogs, cats, or any other pets, they may also need to be looked after if you pass away.

A handful of dogs have inherited fortunes, such as German Shepherd Gunther IV, who received a nine-figure sum from his deceased owner in 1992. 

Hover, it's more common to choose someone to look after them, and put some money aside to feed them and look after their health.

12. Protect your digital assets

Nowadays, your assets won't just include money in the bank and physical goods. Digital accounts and online purchases, such as music, photographs, or websites, also form part of your possessions and can disappear into the void if you don't account for them in your will.

Things like emails and social media accounts also form part of your legacy - do you want the information destroyed, protected, and do you need to make passwords available to your executor?

You can find more details on this in our guide to what to put in your will.

13. Support a charity

If you support a charity, you may wish to leave something for it when you pass away.

As well as supporting a good cause, you could potentially reduce the amount of inheritance tax paid by your family if you leave more than 10% of your assets to a good cause. We explain how this works in our guide on what to put in your will, and you'll find more information on how charitable bequests affect the tax you pay in our inheritance tax guide.

• Find out more: how to make a will for free

14. Consider family heirlooms

While the most important points are who will look after your children and how they will be provided for, you may wish to make specific legacies so particular items are passed on to your children, rather than sold to pay for inheritance tax or otherwise.

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When should you make a new will?

As you move through life your circumstances change, as do the potential risks and complications when you pass away.

You should consider making a new will:

• When you have an unmarried partner who should inherit from your estate.
• When you get married, and your old will is invalidated (in England and Wales) or doesn't include your new spouse (in Scotland).
• When you have a child so that you can appoint a guardian.
• When you buy a property or receive a large windfall.
• If you get divorced, as your previous will won't automatically be invalidated.
• When you want to make provisions for step-children, foster children or dependents.
• If your spouse passes away, and your previous will left the estate to them.

Reviewing your will every five years or so will give you a chance to think about whether the people you've nominated to look after your children are still suitable, and whether your instructions still reflect your family's situation.

What happens if you die without a will?

If you die without a will, your estate will be divided up in line with the rules of intestacy. This means you will have little control over who receives your estate.

You can find out more this in our in our guide to intestacy rules.

Why parents need a will

Making a will also allows you to appoint guardians for your children. If these plans aren't outlined in a will, and both parents are deceased, your local authority or the courts may be left to decide who should look after your children.

If you don't have a will:

• your spouse, cohabitee, partner or civil partner won't automatically inherit everything
• if you are not married to your partner, they won't inherit anything
• your children's guardianship may be decided by a local authority or court
• any step-children or foster children won't inherit anything.

How to make a will

If you've realised you need to make a will, we've got plenty of advice guides to help you get started, including how to make a will, what to put in your will and where you can do it for free.