Why Having a Will and Estate Plan Matters

Many people spend years building their lives — buying a home, saving money, supporting family members, and planning for the future.

However, a significant number of adults in the UK do not currently have a valid will in place.

Research from The Law Society has previously suggested that more than half of UK adults either do not have a will or have not updated it in recent years.

While writing a will is often something people intend to do eventually, delaying it can create uncertainty for loved ones and may mean your estate is distributed in a way that does not reflect your wishes.

Estate planning helps ensure that your affairs are organised and that the people important to you are considered when decisions are made about your assets.

What Is a Will?

A will is a legal document that outlines what should happen to your assets after you die.

Your assets may include:

• Property

• Savings and investments

• Personal possessions

• Business interests

• Other financial assets

A will can also allow you to:

• Specify who should receive your assets

• Appoint executors who are responsible for administering your estate

• Name guardians for children under the age of 18

• Leave gifts to individuals or charities

A will must meet certain legal requirements to be valid, which is why many people choose to have it prepared with the help of a qualified legal professional.

What Is Estate Planning?

Estate planning is the broader process of organising how your financial affairs may be handled in the future, particularly after death.

It can involve reviewing:

• Your will

• Property ownership

• Pensions and investments

• Protection policies

• Potential inheritance tax considerations

• How assets may pass to beneficiaries

Estate planning is not only relevant for individuals with significant wealth. Anyone who owns property, has savings, or has dependants may wish to consider how their estate might be managed.

What Happens If You Do Not Have a Will?

If someone dies without a valid will in England or Wales, they are considered to have died “intestate.”

In these circumstances, the estate is distributed according to the rules of intestacy set out in UK law.

These rules determine:

• Who inherits from the estate

• The order in which relatives may receive assets

• How the estate is divided between spouses, civil partners, and children

While these rules provide a legal structure, they may not reflect individual preferences or family circumstances.

For example:

• Unmarried partners are not automatically entitled to inherit

• Friends or stepchildren may not receive anything

• Distribution of assets may differ from what the person intended

Why Having a Will Can Be Important

Having a will can provide clarity about how you would like your estate to be handled.

Making Your Wishes Clear

A will allows you to state who you would like to benefit from your estate and how your assets should be distributed.

Without one, these decisions are determined by legislation rather than personal preference.

Considering Your Family

For parents with young children, a will can allow you to nominate guardians who you would prefer to care for them.

Without these instructions, the courts may need to make decisions regarding guardianship.

Helping Provide Direction for Executors

A clear will may help the individuals responsible for administering your estate understand your intentions and responsibilities.

This may help reduce uncertainty during what can already be a difficult time for families.

Supporting Broader Financial Planning

Estate planning can form part of a wider financial strategy, particularly when considering how assets may pass between generations.

Some individuals also review how their financial arrangements interact with potential inheritance tax rules, although the impact will depend on personal circumstances and current legislation.

When Should You Consider Reviewing or Writing a Will?

Many people choose to review or create a will following important life events.

Examples may include:

• Buying a property

• Getting married or entering a civil partnership

• Having children

• Divorce or separation

• Receiving an inheritance

• Starting or selling a business

Even if a will already exists, it may be sensible to review it periodically to ensure it still reflects your wishes and current circumstances.

The Role of a Financial Adviser

Preparing a will itself is usually carried out by a solicitor or qualified legal professional.

However, financial advisers often work with clients to consider how estate planning fits within their wider financial plans.

This may include discussions around:

• The structure of assets

• Long-term financial objectives

• Potential inheritance tax considerations

• How pensions, investments, and protection policies form part of overall planning

Where appropriate, financial advisers may work alongside legal professionals to help ensure different elements of a client’s financial arrangements are aligned.

How We Can Help

Estate planning can form an important part of a broader financial plan.

We work with clients to help them review their financial arrangements and consider how planning for the future may support their long-term goals.

This can include:

• Discussing how estate planning may fit within overall financial planning

• Reviewing assets and financial arrangements

• Working alongside legal professionals where appropriate

• Helping ensure different aspects of financial planning are considered together

If you would like to discuss your financial planning or understand how estate considerations may form part of it, you are welcome to contact us for a

confidential conversation with one of our advisers.

Important Information

Wills are legal documents and should usually be prepared with the assistance of a qualified legal professional or solicitor.

Financial advisers do not provide legal advice. The information in this article is intended for general information purposes only and should not be relied upon as legal advice.