Estate planning plays a vital role in protecting your loved ones and supporting long-term financial wellbeing. One of the simplest, yet most important, steps you can take is ensuring you have a valid, up-to-date will in place.
A will gives you control over what happens to your assets, your family, and your legacy. Without one, your wishes may not be carried out in the way you intended. Below, we outline why having a will in place is so important and when you should consider reviewing it.
1. Ensure your assets go to the right people
A legally valid will allows you to decide exactly who should inherit from your estate and in what proportions. Without a will, your estate will be distributed under the rules of intestacy, which may result in outcomes that do not reflect your personal wishes.
Having a will in place can:
- Ensure your chosen beneficiaries inherit as you intend
- Prevent disputes and uncertainty at an already difficult time
- Provide clear instructions, reducing confusion for loved ones
2. Speed up the probate process
A clear and valid will can significantly simplify estate administration. Executors know exactly what is required of them, which can:
- Reduce delays caused by investigations or disputes
- Lower the administrative burden placed on your family
- Help your loved ones access funds more quickly when they need them
3. Protect your partner
If you are living with a partner but are not married or in a civil partnership, having a will is especially important. Cohabiting partners do not have the same legal rights as married couples or civil partners, and without a will, your partner may not inherit anything at all.
A will ensures your partner is financially protected and your wishes are respected.
4. Protect your children and dependants
For parents, a will is a crucial part of planning for the future. It allows you to:
- Appoint guardians to care for your children should the worst happen
- Set up trusts to support children’s education or wellbeing
- Ensure financial provision continues smoothly for dependants
Knowing these arrangements are in place can offer significant peace of mind.
5. Protect your family if you are a business owner
If you own shares in a business, your will plays an important role alongside any business protection arrangements you have in place. A properly structured will can help ensure:
- Your spouse, partner or children receive the fair value of your shares
- Business interests are dealt with efficiently and in line with your wider plans
6. Support inheritance tax planning
A well-structured will can form a key part of wider estate and tax planning. It may help to:
- Optimise gifts to spouses or civil partners
- Support charitable giving
- Improve overall tax efficiency for your estate
Professional advice can ensure your will aligns with your broader financial planning objectives.
7. Peace of mind
Many people report a strong sense of reassurance once their will is in place. Knowing your affairs are organised and your loved ones are protected can provide lasting peace of mind.
When should you review your will?
It’s important to review your will following major life events such as:
- Marriage or divorce
- Buying a property
- Having children
- Changes in financial circumstances or business interests
Keeping your will up to date ensures it continues to reflect your current wishes.
How we can help
Putting a will in place is an important step, but it’s just one part of protecting your financial wellbeing. If you’d like to understand how your will fits into your wider protection or estate planning, our team is here to help and happy to talk things through.
