More than half of UK adults don't have a Will. Without one, your estate is distributed according to the intestacy rules — which may bear no resemblance to what you actually want, and can create significant tax problems.
If you die intestate (without a valid Will), the intestacy rules determine who inherits your estate. The rules follow a strict order of priority — spouse/civil partner first, then children, then other relatives. Cohabiting partners receive nothing under the intestacy rules, regardless of how long you have been together.
Your estate may also pay more Inheritance Tax than necessary, as the intestacy rules do not allow for IHT planning strategies that a Will can implement.
Cohabiting couples: If you live with a partner but are not married or in a civil partnership, they have no automatic right to inherit anything under the intestacy rules. Without a Will, your estate passes to your relatives — not to your partner. This is one of the most common and most devastating outcomes of dying without a Will.
The executor administers your estate — collects assets, pays debts, distributes what remains. Appoint at least two. Many people appoint a trusted family member or friend, sometimes alongside a professional such as a solicitor.
Items of sentimental or financial value you want to leave to specific people — property, money, jewellery, art. Be specific — "my gold watch" not "my watch".
Everything not covered by a specific gift. This is the most important clause — it catches all assets not explicitly mentioned.
If you have children under 18, appoint a guardian. Without this, a court decides who raises your children. This is one of the most important reasons young parents need a Will.
Specifies what happens if a beneficiary dies shortly after you — typically within 28 or 30 days. The Law Society recommends including this to avoid a double probate situation.
A non-binding document alongside the Will expressing your preferences for matters the Will cannot cover — funeral arrangements, how personal possessions should be divided, guidance for trustees of a discretionary trust.
The nil-rate band is £325,000. Assets above this threshold are taxed at 40%. The residence nil-rate band adds up to £175,000 if you leave your home to direct descendants.
Leaving assets to a spouse or civil partner is IHT-exempt and also transfers their nil-rate band to you — meaning a couple can effectively pass £1 million free of IHT.
April 2027 pension change: From April 2027, unused pension pots will form part of your taxable estate for IHT purposes. If you have significant pension savings, this may substantially increase your IHT liability. Your Will should be reviewed in light of this before April 2027.
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