Having a will is a vital part of financial planning as it ensures your assets and possessions get passed to the people you want when you die.
Despite inheritance being a major concern for many people, the Money and Pensions service says that 53 per cent of adults aged 50 to 64 don’t have a will and even 22 per cent of over-65s have not written one.
Without a will, your estate is shared out according to certain rules. These are known as the ‘rules of intestacy’ and may mean that your estate does not end up where you hope it will go. In extreme cases, it could even go to the Crown.
By writing a will, you can avoid problems, unnecessary arguments and lengthy paperwork for your family.
As part of Free Wills Month, people aged over 55 can get a will written for free until October 31, thanks to a campaign bringing together 150 charity partners and solicitors across the UK.
We explain how to get a will written and what you should consider putting in it.
A will helps executors carry out your wishes as intended, giving you some control over how your assets are handled after your death
Getting a will written
Your will is a legal document stating what you want to happen to your estate when you pass away. Your estate comprises your savings, investments, property, possessions and any other assets when you die.
The basics of writing a will involve who you are, what it covers, details of any spouse, who you want to be executors, who you’d like to be guardians for children under 18, if relevant, and who you want your assets to go to.
Executors are responsible for administering the will and dealing with probate. This role should have been agreed with those people before you write your will. You can appoint professionals but check their charges carefully, as some may have fees that are a percentage of your estate.
You can get a will from a will writer, a solicitor, an online will service, or even write one yourself, but it must be witnessed while you are present by two people over 18, of sound mind, who have no personal interest in the will and are not related to you.
According to the Co-op, a single will usually costs from £149. Mirror wills cost from £249 and trust wills from £449. More complicated wills, for those with larger estates, inheritance tax needs or unusual family circumstances will cost more.
Free Wills month is intended for individuals or couples over 55. In the case of making ‘mirror’ wills, one partner needs to have reached the age of 55.
You are under no obligation to make a gift in your will to a participating charity, but they hope that you will support a good cause in return for getting your will written.
To book an appointment, visit the Free Wills Month site and choose a participating solicitor near you and have your will written by a qualified professional free of charge.
Appointments are limited and are allocated on a first come first served basis. Once all available appointments are booked the campaign will close, this may be before the end of the campaigning month.
Most appointments are face-to-face so make sure you enquire with your chosen firm if you want a remote or home visit appointment.
The campaign is for ‘simple’ wills only. If your will is deemed ‘complicated’ by the solicitor, they might ask you to pay the balance yourself.
> Read our full guide: How to write a will
What happens if I don’t write a will?
If you don’t write a will, your assets might not be distributed as expected.
Lisa Caplan, director of Charles Stanley Direct Advice and Guidance, says: ‘Who inherits, and in what order, is determined by the rules of intestacy and may not follow your wishes. It can usually make your estate harder and more expensive to deal with.
‘A spouse or civil partner will usually be first in line, followed by children and then other close relatives, depending on the circumstances.
‘Unmarried partners do not automatically inherit under the intestacy rules, which can come as a very painful surprise.’
Let people know about your will
It is important to tell people where your will is and ideally pull together a list of where your executors can find your assets.
Ms Caplan says: ‘Having everything organised in one place, or informing your executors where to find your important documents, will help make sure things run as smoothly as possible for your loved ones after you pass away.
‘This includes things like your will, a list of all your assets, any deeds to a property, or a letter of wishes and so on, so it’s all in one place.
‘Make sure the people who need that information, such as executors, know where these can be found, such as a box kept in a safe place.
‘Without knowing where to find these documents, it can be hard for executors to know where to start, which can create undue pressure.’
You should also keep your will updated through life. This could be when your wealth picture changes, such as buying a property, if you have children, or if you recently got married.