According to a report in IFA magazine, over 50,000 people in the UK died in 2024 without leaving a will. This is the highest figure for five years.
Passing on without a valid will in place, known as “dying intestate”, can create a series of problems for your family and beneficiaries. It also means that you forgo the opportunity to set out clearly what happens to your wealth after you die.
Read about some of the problems your family could face, and find out about some of the benefits of making a will. You can also discover the important details your will needs to include.
Dying without a will creates uncertainty for your family at an emotional time
The key issue with regard to dying intestate is that your loved ones will have no say as to how your assets will be distributed.
This can create uncertainty, and make potential disputes more likely. At a time when they are likely to be upset at your passing, and potentially concerned about financial issues, this is a layer of unnecessary stress that can easily be avoided.
Without a will in place, your assets will be distributed in accordance with the rules of intestacy. In the UK this means that:
- Your spouse or civil partner will inherit a statutory legacy of £322,000 (2025/26 figure), along with all your personal possessions
- The balance is then divided equally between your spouse and any children
- If any of your children are under 18, their share is held in trust until they reach that age
- If there is no surviving spouse or children, a strict hierarchy of relatives is followed.
These outcomes may not match your personal wishes. Even if you had previously made a verbal commitment about how you wanted your assets distributed, without a will, that would not necessarily happen.
The problems your family could face are liable to be accentuated if you have a complex family structure, or have previously been divorced or are separated.
For example, if you are not married to your existing partner, they will have no formal right to any of your assets.
Furthermore, if you die without making a will, your family may not have access to your wealth until an executor has been appointed by the court to manage your estate.
This could result in a lengthy delay, during which time your assets – such as property, investments and even your business – may not be effectively managed.
All those problems can be avoided if you make a clear expression of what you want to happen to your estate when you die by making a will.
Making a will helps avoid conflict and means your assets pass to your chosen beneficiaries
A will is a binding legal document that allows you to set out clearly what you want to happen to the value of your estate when you die.
It can be as simple as you want, maybe just a clear statement that you want all your assets to pass to your spouse or partner. As you have read, that may not necessarily happen without a will in place.
Other benefits of making a will include that it can:
- Ensure that your estate is distributed in accordance with your wishes
- Speed up the probate process by reducing the possibility of courts being involved
- Provide clarity around any potential points of challenge or conflict
- Offer peace of mind to your family at a time of high emotion and stress.
There is no specific age by which time you should have made a will. However, we would suggest that if you have any dependants, or have significant assets, making a will is imperative regardless of how old you are.
If you are an Australian living in the UK, you are likely to have assets back in your home country. In these circumstances, we would recommend that you have two wills in place, one for each jurisdiction. This will help maintain a clear demarcation between your UK and Australian assets, and can help avoid delays in your affairs being settled.
There are certain items that your will should include
Having decided to make a will, the decision then is what you should include in it.
The following information is essential:
- Your personal details
- A list of your assets – financial, digital, property, and other possessions
- Your intended beneficiaries, and your distribution by amount, item, and/or percentage
- Details of your executor.
It’s worth taking to time to speak to your intended executor to ensure they are comfortable with carrying out this role.
You may also want to give them an idea of the contents, particularly if there are any issues that you feel may be contentious.
There are other optional details you may want to include in your will
Once you have covered off all the information outlined in the previous section, you will then want to think about any other details you may want to include.
Clearly, this will come down to your personal circumstances. Some of the things you may want to consider include:
- Guardianship instructions if you have minor children and no spouse
- A note of any specific items and how you want them distributed
- Details of any charitable donations you want to make
- Your funeral arrangements if you want to specify any particular wishes.
Your will then needs to be signed and witnessed by two people. Bear in mind that no beneficiary can be a witness.
You also have the option to include a letter of wishes with your will. While this is not a legally binding document, it gives you the opportunity to provide more details and requests should you wish to.
Get in touch
We would recommend that you review your will regularly, perhaps at the same time as you are reviewing your wider financial plans, to ensure it is still fit for purpose and accurately reflects your wishes.
If you would like to talk about your own estate planning and legacy arrangements, please get in touch with us.
Please note
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
This article is for information only, it does not take into account your personal objectives, financial situation, or needs. Please do not solely rely on anything you have read in this article and ensure that you conduct your own research to ensure any actions you may take are suitable for your circumstances.
Estate planning and wills are not regulated by the FCA.
All contents are based on our understanding of HMRC legislation, which is subject to change.