Our Guidance, Your Legacy: What is a Will, and why should I make one?

In this upcoming series, 'Our Guidance, Your Legacy', our Wills, Trusts, & Probate Team and Wills & Probate Disputes Team are coming together to discuss some key topics around estate planning.

Thinking about the future isn’t always easy, but making a Will is one of the most important steps you can take to protect your loved ones and ensure your wishes are respected.

A Will is a legally binding document that sets out how your assets, such as property, savings, and personal belongings, should be distributed after your death. It can also include your funeral wishes, guardianship arrangements for children, and charitable donations. In short, a Will gives you control over your legacy and peace of mind that your intentions will be followed.

Without a valid Will, your estate will be distributed according to intestacy rules, under which your property and money will be shared out in line with default provisions set out by the law, rather than your expressed wishes. A Will ensures your estate goes to the people and causes you care most about.

Wills aren’t just for the wealthy or elderly. If you own a home, have children, run a business, or simply wish to make sure your possessions go to the right people, a Will is essential. Under a Will, you can set up trusts for young or vulnerable beneficiaries, provide for a partner whilst preserving assets for children, or outline succession plans for a business. With professional advice, your Will can also help to reduce inheritance tax, thus maximising the extent of your net estate that reaches your chosen beneficiaries.

It’s never too early to make a Will, and it is just as important to review it regularly. Life events such as marriage, divorce, having children, or acquiring new assets can all affect your wishes. Keeping your Will up to date ensures your intentions remain clear and your loved ones are properly provided for.

What happens when you don't have a Will?

In England & Wales, there is a concept of “testamentary freedom”, which means that you are able to leave your assets and possessions to whomever you wish, unlike in many other countries where no such concept exists and “forced heirship” rules may apply. A Will is evidence of you exercising your right of testamentary freedom, and by making your wishes known, it can reduce the chance of a dispute arising after you have died. If a Will does exist, the Court will only intervene to vary or set aside a Will in limited circumstances.

Without a valid Will, your estate will be distributed under strict intestacy rules, which exclude cohabitants and stepchildren. With today’s rise in blended and other family structures, having a Will ensures your wishes are known and your chosen beneficiaries inherit.

Regardless of family structure, a Will is prudent, especially if you own property or have children. Under intestacy rules, if a spouse or civil partner dies and the estate is worth less than £270,000, their children may receive nothing.

Does not having a Will increase the chances of a claim/dispute?

Without a Will in place there is a very real risk (a) your estate may not pass in line with your wishes (which, of course, may differ from the intestacy rules); and (b) persons close to you, and who may expect/hope to benefit from your estate (but do not under the rules of intestacy), may feel aggrieved by a lack of provision from your Estate – thereby increasing the risk of a claim/dispute following your death.

It is not possible to prevent people from attempting to claim against an estate or to challenge the validity of the Will (and these types of claims will be discussed in future articles). But, by having a Will in place, ideally which has been prepared by experienced professionals, your wishes are recorded in a legally binding document, and you can take comfort knowing you have done everything you can for your estate to pass in line with your wishes.

At Leathes Prior Solicitors, we can guide you through every step of making a Will, ensuring your wishes are clearly recorded and legally binding. Our approachable and knowledgeable Wills, Trusts and Probate Team are here to provide expert advice which is tailored to your circumstances. To learn more about how we can help, please give us a call on 01603 610911 or email us at info@leathesprior.co.uk.