Why a Will is a Must

Catherine Alexander
Partner and Mortgage & Protection Adviser at GDA

A Will is an essential part of financial planning. It will make clear what your wishes are and who will inherit your assets when you are gone. Most people assume that the surviving spouse will inherit everything authomatically, but unfortunately that isn’t the way the laws of intestacy (dying without a Will) work.

If you die without a will, the laws of intestacy mean that only married or civil partners and some other close relatives can inherit. A spouse or civil partner will get the first £322,000 of the person’s estate and personal possessions, and anything above this amount is split, with 50% passing to the surviving spouse/civil partner and 50% passing equally between any children. Inheritance passes down after this to grandchildren and great grandchildren and potentially other close relatives such as parents, brothers and sisters, and nieces and nephews of the intestate person. If there are no surviving relatives who can inherit under the rules of intestacy, the estate passes to the Crown.

If someone makes a will but it is not legally valid, the rules of intestacy decide how the estate will be shared out, not the wishes expressed in the will. If you are a single person or a couple with very simple financial affairs, you can get a basic will for around £150 online, but if you have significant assets or a complex family arrangement, you could benefit from sitting down with a professional and this usually starts at around £250. Getting professional adivce will save you time as well as money and hassle in the long term. There are also certain charities who will cover the cost of writing your Will in return for leaving them something in your Will, you can take advantage of Will Aid Month (www.willaid.org.uk) which takes place in November, and also Free Wills Months (www.freewillsmonth.org.uk) in March and October.

If you would like any further information about making a Will please do speak to your financial adviser, or contact the GDA team and we will be more than happy to help.

This article isn’t personal advice. If you’re not sure whether a course of action is right for you, ask for financial advice.