Your guide to writing a will
Although it’s an unpleasant reality to face, writing a will is something we all have to do to ensure our belongings end up in the right hands when we die
Key takeaways
Writing a will ensures your assets and loved ones are cared for according to your wishes, specifying how your estate is distributed and prevents the law from deciding asset distribution
Use code “moneysupermarket” for a 33% discount on Farewill’s online will service, it only takes around 15 minutes, with expert review and support available
The standard inheritance tax rate is 40%, reduced to 36% if 10% of the estate is left to charity
What is a will?
A will is a legal document that specifies how your assets and possessions should be distributed after you die. It also names the person who will carry out your wishes, known as the executor.
Why do you need a will?
It's important to make a will so that your assets go to the people and organisations you want. A will can help financially protect your loved ones and avoid any legal disputes.
It can also provide protection for your children by naming a guardian in your will if both parents die.
When should I make a will?
It's advisable to write a will as soon as you have dependents or specific plans for your estate. Major life events, such as getting married, having children, or buying a home, are also key times to either write or update your will.
What different types of wills are there?
You can choose from various types of wills, including:
Types of wills
Simple will
A basic and common type of will that details how you want your assets distributed after you die.
Joint will
A will created by two people, usually spouses, that specifies how their assets will be distributed after one of them dies.
Mirror will
A will for couples who want to maintain their individuality while having similar estate plans. If one spouse dies, everything passes to the surviving spouse.
Living will
A document that expresses your wishes for how you want to be treated if you are unable to communicate with doctors.
Pour-over will
A will used in conjunction with a living trust to specify that any assets not named in the trust should be transferred to it after the will-maker dies.
Mutual will
A legally binding agreement between two people to distribute their assets according to the terms of each other's wills.
Statutory will
A will created by the courts to reflect what the testator would have wanted if they had been able to make their own will.
Holographic will
A handwritten will written without witnesses or legal oversight.
What are the steps involved in writing a will?
There are several steps to writing a will:
Steps to writing a will
1. Decide what to include in your will
List your assets, including property, savings, investments, and possessions
Consider any debts and how they will be settled
Decide who will inherit specific assets and whether you want to leave gifts to charities
2. Choose your executors
Appoint at least one executor (up to four) to carry out your will’s instructions
Executors can be family members, friends, a solicitor, or a bank
3. Name guardians for minor children
If you have children under 18, appoint guardians to care for them.
4. Write your will
You can write your will yourself, use a will-writing service, or hire a solicitor. Ensure your will is clear, precise, and legally valid.
5. Sign and witness your will
You must sign your will in the presence of two independent witnesses (over 18, not beneficiaries or their spouses). The witnesses must also sign the will.
6. Store your will safely
Keep the will in a safe place (e.g., with a solicitor, a will storage service, or at home). Inform your executors where it is stored.
7. Update your will when necessary
Review your will after major life events (marriage, divorce, birth of children, significant asset changes). Create a new will or add a codicil if changes are required.
How do I write a will?
You can write a will yourself or have a solicitor do it for you. You can also use a will writing service or download a template.
Do I need a solicitor to write a will?
No, you do not need a solicitor to write a will in the UK. You can write a will yourself, and as long as it meets the legal requirements, it will be valid.
However, using a solicitor or professional will writer can help ensure that your will is legally sound and avoids potential disputes.
What is the MoneySuperMarket and Farewill will writing offer?
MoneySuperMarket understands the importance of having a will in place, which is why they've teamed up with Farewill to offer an online will writing service.
This collaboration is designed to simplify the process of writing a will, making it accessible and affordable. With a special offer for MoneySuperMarket customers, you can now draft your will with expert guidance at a fraction of the usual cost.
By using the code "moneysupermarket", you can take advantage of a 33% discount on Farewill's services*. A single will, originally priced at £100, is now available for just £67.
Couples looking to write a joint will can do so for £107.20, down from £160. This exclusive offer is a cost-effective way to gain peace of mind, knowing that your estate will be handled according to your wishes.
Note: *The discount code "moneysupermarket" only applies to Farewill's online will service, available in England and Wales
What do I include in my will?
A will should include the following details:
What to include in your will
Assets
Property: Include any real estate, vehicles, or other property
Savings and investments: Include any money you have saved, as well as any stocks, bonds, mutual funds, or cryptocurrencies
Digital assets: Include any social media accounts, cryptocurrency, or other digital items
Business interests: Include any businesses you own, whether it's a large corporation or a small side hustle
Beneficiaries
Include who you want to benefit from your will
Consider what happens if any of your beneficiaries die before you
Consider whether you want to leave money to charity
Wishes
Include any funeral wishes, such as where you want to be buried or cremated
Include any instructions for your digital assets, such as who should inherit them and how to access them
Consider whether you want to opt-out of organ donation
Executor
Name the person or people who will be responsible for carrying out your wishes
How long does it take to make a will?
Farewill has streamlined the will-writing process to be as straightforward as possible. It takes about 15 minutes to complete, and once you've provided all the necessary information, Farewill experts will review your will for clarity and coherence.
You'll be notified when your will is ready for download, and if you have any questions along the way, Farewill offers support via phone or live chat seven days a week from 9am-7pm.
How do I make sure my will is valid?
A will must meet certain legal requirements to be considered valid. You must be over 18, voluntarily writing the will, of sound mind, and the will must be written, signed, and witnessed correctly.
Where should I store my will?
Storing your will safely is crucial to ensure it can be found when needed. Here is where you can store your will:
At home in a fireproof and waterproof safe or locked filing cabinet
With a solicitor or will-writing service
The Probate Service (Government Storage)
With a professional will storage company
Some banks also offer secure storage for wills, but it's not recommended to keep a will in a bank safety deposit box. This is because the bank can't open the box until the executor has probate, which requires the will.
It’s also a good idea to keep an up-to-date copy of your will at home.
How do I update my will?
You should consider updating your will after major life events, such as the birth of a child, moving house, or getting married or divorced.
To update your will, you can add a codicil or make a new will. A codicil is a document that allows you to make minor changes to your will. You must sign and witness a codicil in the same way as the original will.
You can add as many codicils as you want to your will but if you’re making many changes, writing a new will might be a better option.
Farewill offers a £10 annual subscription service for updating your will, which is free for the first year and can be cancelled at any time. This service ensures that your will remains up-to-date with any major life changes, such as the birth of a child, marriage, or the acquisition of new assets.
What is the biggest mistake you can make with a will?
The biggest mistake with wills is failing to have the will witnessed correctly, as it must be signed in the presence of two independent witnesses who also sign the document.
What should you never put in your will?
While you can include the following in your will, these are not legally binding and should be managed through other documents or separate legal matters:
Gifts to pets
Anything you don't own outright
Jointly held assets
Pension benefits
If you're unsure, speak to your solicitor to see what should and shouldn't be included in your will.
Does my spouse automatically inherit everything in the UK with a will?
No, a spouse does not automatically inherit everything. If there are no children, the spouse inherits everything. However, if there are children, the spouse inherits up to £322,000, and any assets above that are divided equally between the spouse and the children.
Can an executor be a beneficiary?
Yes, an executor can be a beneficiary of a will. However, they should not witness the will, as this could invalidate their right to receive their inheritance under the will's terms.
Do you have to pay inheritance tax if you have a will?
Yes, inheritance tax (IHT) may still be payable even if you have a will. A will allows you to specify how your estate is distributed, but it does not automatically exempt your estate from IHT. However, proper estate planning through a will can help reduce or eliminate the tax liability.
When is inheritance tax payable?
IHT is only due if the total value of the estate exceeds £325,000 (the nil-rate band). The tax is charged at 40% on the portion of the estate above this threshold.
Years between when you gave the gift and when you died | Rate of inheritance tax to pay |
|---|---|
Under 3 | 40% |
3-4 | 32% |
4-5 | 24% |
5-6 | 16% |
6-7 | 8% |
Over 7 | 0% |
How can a will help reduce inheritance tax?
Here are some ways a will can help you pay less inheritance tax:
How a will can help reduce inheritance tax
Spouse or civil partner exemption
Assets left to a spouse or civil partner are completely exempt from IHT. Any unused portion of the £325,000 threshold can be transferred to a surviving spouse, increasing their allowance to £650,000.
Residence nil-rate band (RNRB)
If a home is passed to direct descendants (children or grandchildren), an additional £175,000 allowance applies. This means a married couple could have a combined allowance of £1 million before IHT is due.
Gifting in a will
Leaving at least 10% of your estate to charity reduces the IHT rate from 40% to 36% on the taxable portion. Certain gifts and legacies (e.g. to spouses, charities, and political parties) are exempt.
Using trusts in your will
Assets placed in certain trusts may not count towards your estate’s value, potentially reducing IHT liability.
Gifting during your lifetime
Any gifts given more than 7 years before death are generally tax-free. Small annual gifts (up to £3,000 per year) are immediately exempt.
Writing a will with MoneySuperMarket and Farewill
Writing a will is a responsible step towards ensuring that your estate is managed according to your wishes after you pass away.
With the help of MoneySuperMarket and Farewill, the process is now more accessible than ever. Take the time to consider your options, understand the implications of not having a will, and make the necessary arrangements to protect your assets and loved ones.
Remember, while Farewill's service is suitable for simple wills, it does not replace legal advice for complex estates. Always consider your personal situation and seek professional guidance if needed.
Author
Rachel Ditchburn
Former Senior Commercial Manager
Rachel is a former Senior Commercial Manager at MoneySuperMarket, where she oversaw the Protection, Pet and Leisure Insurance channels. Outside of work, Rachel is a keen cook and enjoys live music,...
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Collette Shackleton
Content Writer
Collette Shackleton is a highly skilled Content Writer who has over nine years’ experience creating helpful and engaging personal finance content for consumers. Collette shares her experience as a...
