How do I write a will?
Key takeaways
Writing a will ensures your property, savings and possessions are distributed according to your wishes when you die; without one, your estate and assets get carved up according to certain legal rules which may bear no relation to how you want to leave things
Don’t delay writing a will, especially if you have dependents
While you don’t need a solicitor to write a will, they can help ensure your document is legally sound, helping to avoid potential disputes
Remember that writing a will is an important way to ensure assets are passed on tax-efficiently
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?
Making a will helps ensure your money, property and possessions go to the people and causes you choose when you are no longer around. It can also help financially protect your loved ones and reduce the risk of disputes between family members after you die.
Without a will, your estate is divided according to particular rules – the ‘Rules of Intestacy’ – which may bear no relation to your wishes.
A will allows you to appoint a guardian to look after your children – should both parents die – giving you greater control over their future care.
It can also make the probate process simpler for your family, helping to avoid unnecessary delays and complications at an already difficult time.
When should I make a will?
While many people put off writing a will until later life, if you have a spouse or dependents, you should write one as soon as you can – as none of us knows what lies ahead.
Having drawn up a will, it’s important to keep it up to date. This means revisiting it every few years, or after major life events, such as getting married, having children, buying a home or getting divorced.
What are the different types of will available?
You can choose from various types of wills, including:
Simple will
A basic and common type of will that details how you want your assets distributed after you die.
Joint will
A single will created by two people, usually spouses, that specifies how their assets will be distributed after one of them dies.
Mirror will
A pair of wills, usually made by spouses or civil partners, that contain similar – or identical – instructions. They are typically used by couples who want their estates distributed in the same way, often choosing to leave their assets to the surviving spouse before passing them on to other beneficiaries.
Living will
A legal document that sets out your preferences for medical treatment and end-of-life care if you become unable to communicate with doctors or to make decisions yourself.
Pour-over will
A will which sets out that any assets not already placed in a trust during your lifetime should be transferred into that trust when you die.
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 for someone who cannot make their own will, if, say, they lack the mental capacity to do so. This reflects what they would have wanted to happen to their estate.
Holographic will
A handwritten will created without witnesses or legal oversight.
How do I go about writing a will?
There are several 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 (and up to four) to carry out your wishes
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. This might be with a solicitor, a will storage service, or somewhere secure at home. Be sure to let your executors know where it is stored.
7. Update your will when necessary
Review your will after major life events (such as marriage, divorce, birth of children, significant asset changes). Create a new will or add a codicil if changes are required.
Do I need a solicitor to write a will?
No. In the UK, you do not need a solicitor to write a will. You can write a will yourself; there are templates you can download to help you. As long as the document meets the legal requirements, it will be valid.
However, it’s imperative that no mistakes are made, or your will could be rendered invalid.
Using a solicitor or professional will-writer can help ensure your will is drafted correctly and meets all legal requirements. This can help reduce the risk of errors, misunderstandings, or disputes after your death.
Will getting a will drawn up be expensive?
While you may worry about the cost of making a will, there are ways to keep costs down:
Some solicitors offer free simple wills to people aged 55 and over during Free Wills Month which takes place in March and October. The idea is that you will leave a charitable gift in your will to one of the participating charities, though there is no obligation to do so
A similar initiative called Will Aid runs every November
Some organisations, such as Co-op Legal Services will offer free simple wills through these or other charity schemes
Online firm, Farewill, also offers affordable and accessible will-writing services for simple estates
MoneySuperMarket has teamed up with Farewill to help you get a ‘single will’ drawn up for just £67 (down from £100) – and a ‘joint will’ for £107.20 (down from £160) – thanks to a 33% discount
Just be aware that if your affairs are more complicated, it is well worth paying for the services of a solicitor or professional will-writer.
And always be sure to check that any firm you plan to use is a member of a body such as the Institute of Professional Will Writers or the Society of Will Writers
What should I include in my will?
A will should include the following:
Assets
Property: Include any real estate 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 do I make sure my will is valid?
To be legally valid, a will must meet certain legal requirements. You must be over 18, make the will voluntarily and be of sound mind. The will must be in writing, signed by you, and witnessed by two independent adults who are present when you sign it.
Where should I store my will?
Storing your will safely is crucial to ensure it can be found when needed. Consider storing it:
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
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, getting married – or if you get 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.
What is the biggest mistake you can make with a will?
One of the biggest mistakes 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.
Are there things I should keep outside my 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:
Life insurance payouts
Assets you don't own outright
Some 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. If you have a valid will, your estate will generally be distributed according to your wishes, so your spouse does not automatically inherit everything unless that is what your document states.
If you die without a will in England and Wales, your spouse or civil partner will inherit everything if you have no children. If you dp have children, your spouse inherits all personal possessions, the first £322,000 of your estate, and half of the remaining estate. The other half is shared equally between your children.
What happens if you’re not married to your long-term partner?
While you might assume that it you’re cohabiting, your partner will automatically inherit your estate when you die, this is not the case – regardless of how long you’ve been together. Without a valid will, your assets will usually be distributed according to the ‘intestacy rules,’ which may leave your partner with little or nothing.
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?
es, inheritance tax (IHT) may still be due even if you have a will. A will sets out how your estate should be distributed, but it does not automatically exempt your estate from IHT. That said, careful estate planning can help reduce the amount of inheritance tax payable.
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:
Spouse or civil partner exemption
Assets left to a spouse or civil partner are exempt from IHT. Any unused portion of the £325,000 nil-rate band threshold can be transferred to a surviving spouse, potentially increasing their allowance to £650,000.
Residence nil-rate band (RNRB)
If a main home is passed to direct descendants (such as children or grandchildren), an additional £175,000 allowance may apply. This means a married couple could have a combined allowance of £1 million before IHT is due.
Gifting in a will
If at least 10% of your net estate is left to charity, the inheritance tax rate on the remaining taxable estate may be reduced from 40% to 36%. Gifts to a spouse or civil partner – as well as gifts to qualifying charities and political parties – are also usually exempt from inheritance tax.
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 seven years before death are generally tax-free. Small annual gifts (up to £3,000 per year) are immediately exempt.
Writing a will with MoneySupermarket
Writing a will is a responsible step towards ensuring that your estate will be managed and distributed 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, if you have a complex estate, a simple will may not be enough to cover all your assets and wishes. In these cases, professional advice from a solicitor is strongly recommended to ensure your will is valid, effective, and tax-efficient.
Author
Esther Shaw
Money expert
Esther Shaw is an award-winning consumer, financial and property journalist with more than two decades of experience. As a freelance writer, she regularly contributes to a range of national titles...
Reviewer
Beth Leslie
Senior Insurance Content Editor
Beth is an experienced writer and editor who specialises in financial and economic content. She is currently the Senior Insurance Content Editor for MoneySuperMarket. Beth is passionate about making...
