If you die without a will, the government could decide what happens to everything you’ve worked hard to build.
Surprisingly, more than half of UK adults do not have a will in place. Unfortunately, many families only discover the consequences when it’s too late. Homeowners, parents, and grandparents in particular should take steps to avoid the pitfalls of not preparing a will.
The good news? Getting your will sorted doesn’t have to involve expensive solicitor fees. In fact, you can write your will for free through our service, an option many people don’t even realise exists.
What happens if you don’t have a Will?
The legal term for dying without a will is dying intestate. In simple terms, this means that the law decides who inherits your home, savings, and other assets, rather than you.
This can lead to outcomes you may never have wanted:
- An unmarried partner could receive nothing.
- Your children could be placed under the care of a guardian you would not have chosen.
- Family heirlooms and treasured possessions could end up with the wrong people.
Once these decisions are made under intestacy rules, there is no second chance to change them.
There is another important consideration too. If you or a loved one loses mental capacity and no Lasting Power of Attorney (LPA) is in place, financial decisions could be handed to a court-appointed deputy. This may be someone your family does not know and cannot direct. An LPA allows you to choose a trusted person to make decisions on your behalf if needed.
What a professionally written Will allows you to do
1. Decide exactly who gets what
Rather than leaving it to the law, a will allows you to control how your estate is divided, right down to individual possessions and sentimental items.
2. Choose your children’s guardian
For parents of children under 18, this may be the most important decision of all. A will allows you to appoint the people you trust to care for your children.
3. Name your executor
You can choose someone you trust to ensure your wishes are carried out correctly and your estate is administered properly.
4. Pass on specific possessions
Whether it’s jewellery, family heirlooms, keepsakes, or other treasured belongings, a well-written will ensures they go to the people you intend.
5. Create a joint Will with your partner
Many couples choose to align their wishes together, making the process simpler and often benefiting from couple discounts.
Leaving a gift to charity
Many people choose to leave a gift in their will to support a cause close to their heart. There are several ways to do this:
1. A percentage of your estate (Residuary Gift)
This is a share of what remains of your estate after all expenses, debts, and other gifts have been settled.
2. A cash gift (Pecuniary Gift)
This is a gift of a specific amount of money.
3. A specific Gift
This could be a particular item, such as jewellery, artwork, or a vehicle, that you wish to leave to a charity.
Tax benefits of charitable giving
There can also be valuable tax advantages when leaving gifts to UK-registered charities:
- Gifts to UK-registered charities are exempt from Inheritance Tax (IHT).
- The value of charitable gifts is deducted before your estate’s tax liability is calculated.
- If you leave 10% or more of your estate to charity, the Inheritance Tax rate on the remaining estate may be reduced from 40% to 36%.
This means that both your loved ones and your chosen charity can benefit, while less of your estate is lost to tax.
Protecting the future value of your gift
To ensure your gift to charity you give now lasts for years to come, consider the following:
- Choose the type of gift that is right for your intention
- Include fallback or successor clauses in case a chosen charity no longer exists.
- Clearly specify how gifts should be distributed, whether as a lump sum, periodic payments, or through a managed trust.
- Seek professional guidance to ensure your will is legally sound and tax-efficient.
This helps ensure that your gifts and wishes are carried out exactly as intended, even decades into the future.
Make it easy for yourself and your family
Writing a will is one of the most important things you can do to protect your loved ones and ensure your wishes are respected.
Our FREE Will Writing Service makes the process simple, giving you peace of mind while helping to support the future of our Hospice.
Don’t leave these important decisions to chance. Take control today and make sure the people and causes you care about are protected for tomorrow.
Find out more about our free wills service here
