Planning for the future isn’t just about saving money or investing wisely, it’s about making sure your wishes are respected when you’re no longer here. A will is a legal document that sets out your wishes for what happens to your money, property, and possessions after your death. It acts as your legal voice and ensures: 

• Your wishes are followed – You decide who inherits your money, property, and possessions.
• Protection for loved ones – Unmarried partners and stepchildren are not covered by intestacy rules, so a will safeguards them.
• Guardianship for children – You can name who will care for your children if they’re under 18.
• Tax efficiency – A well-drafted will can help reduce Inheritance Tax.
• Avoid family disputes – Clear instructions prevent arguments and confusion.
• Charitable giving – You can leave gifts to causes you care about.
• Control over special assets – From digital accounts to family heirlooms, you decide what happens.

Intestacy

Intestacy occurs when someone dies without a valid will. Their estate (money, property, possessions) is then distributed according to a fixed legal hierarchy, not personal wishes. These rules apply to assets solely owned by the deceased; jointly owned property (if held under joint tenancy, not tenants in common) and nominated benefits (like pensions) usually pass outside intestacy rules.

Who Inherits Under Intestacy?

1. Spouse or Civil Partner

• If there are no children, the spouse or civil partner gets everything.
• If there are children, the spouse/civil partner receives:
  • All personal belongings.
  • A fixed sum of £322,000 (called the statutory legacy).
  • Half of anything left over.
  • The other half is shared equally among the children.

2. Children

• If there’s no spouse or civil partner, children inherit everything equally.
• Includes biological and adopted children.
• Stepchildren do not inherit unless legally adopted.

3. No Spouse or Children

• The estate goes to relatives in a strict order:
  • Parents.
  • Brothers and sisters (and their children).
  • Grandparents.
  • Aunts and uncles.
• If no relatives exist, the estate goes to the Crown.

Important Points

• Unmarried partners (even long-term) have no automatic right to inherit.
• Jointly owned property and nominated benefits (like pensions) usually pass outside intestacy rules.
• If no heirs are found, the estate becomes property of the Crown.

Why Make a Will?

Intestacy rules often don’t reflect modern family life. Without a will:

• Partners you live with may get nothing.
• Stepchildren are excluded.
• Your estate may be divided in ways that causes financial stress.

Making a will ensures your wishes are followed and loved ones are protected.

The other benefit of having a valid will in place is that you can also choose who you want your executors to be. Executors are the people who will carry out your wishes and manage your estate.

Their responsibilities include:

• Applying for probate.
• Collecting and valuing assets.
• Paying debts, taxes, and funeral costs.
• Distributing your estate to beneficiaries.

It’s therefore important that you opt for someone who is capable, in terms of understanding, but also having the time available to do this as it is a consuming role.

Reviewing Wills after Gifts

Another important consideration is reviewing your will after making significant lifetime gifts. These gifts are often part of estate planning and allow you to support loved ones during your lifetime rather than after your death. However, such gifts can alter the overall balance of your estate and may lead to unintended consequences if your will is not updated. Key areas to review include:

• Inheritance Tax (IHT) implications
  Gifts may remain in your estate for up to seven years under the “seven-year rule.” If you die within that period, they could still attract IHT and affect how much other beneficiaries receive. It’s therefore important to review the will alongside the gift and ensure there are no unintended consequences for other beneficiaries.

• Fairness among beneficiaries
  If one child receives a large lifetime gift and your will divides the estate equally, this can cause disputes. Your will should state whether gifts are to be treated as advancements or ignored when calculating shares of the estate. For example, all lifetime gifts made can be balanced in the first instance, then the estate split equally to ensure fairness (if this is the goal). You should also consider if the estate can be equally balanced too.

• Legal doctrines like ademption and portions
  If you gift an asset mentioned in your will (e.g., a property), that gift may “adeem,” meaning it no longer exists in your estate. Without updating your will, this can leave gaps or unintended beneficiaries.

Careful financial planning made during your lifetime can be undone by the lack of a valid will, or the execution of an out of date will. A will should be reviewed frequently to ensure that it continues to be line with your wishes and your estate passes as you wish.