Money Basics: Why you should have a Will 

One area is often overlooked — estate planning, specifically the writing of a legally valid will. Death and lack of Will estate planning will impact everyone, but you can do something about the latter even though the former is inevitable – by Hilesh Chavda

Despite its importance, over half of UK adults have no will in place. For those who have spent years, if not decades, building up their wealth, that is a glaring risk.  

Here’s why having a will is not just sensible — it’s essential. 

Control the distribution of your wealth

The fundamental reason for writing a will is to ensure that your assets go where you want them to go. Without one, your estate is distributed under the rules of intestacy, which are rigid and rarely align with people’s wishes and the modern family setup. 

Unmarried partners, stepchildren, friends, and even charities will not receive a penny unless they are explicitly named in your Will.  

Manage the tax liability

In the UK, Inheritance Tax is charged at 40% on estates above the £325,000 nil-rate band (or £500,000 including the main residence nil-rate band if passing to direct descendants). 

A carefully drafted Will and well considered estate planning can manage exemptions (such as spousal and charity exemptions), reliefs and plan for making cash available to pay any inheritance tax within deadline. 

Safeguard minor children or vulnerable dependants

If you have minor children or dependants, a Will allows you to appoint guardians to take on the parental responsibility and establish trusts for their financial wellbeing. This is especially relevant for those whose assets may appreciate in value — you may want to ensure that younger beneficiaries are protected and that assets are safeguarded for a time when children are mature enough.  

For those supporting family members with additional needs, a Will lets include provisions to support them, such as setting up a trust to manage their inheritance responsibly. This is especially useful if the person might be unable to manage money themselves. 

Avoid costly and time-consuming disputes

Dying intestate often leads to legal complications and delays. Probate can become protracted, relationships can be strained as loved ones can disagree over what you might have wanted. This will result in further stress and costs for everyone — all of which could be avoided with a clear, legally valid Will setting out your wishes. 

Ensure business and investment continuity 

If you are a business owner or directors, a Will is particularly important. Without a Will, and proper review of the business structure itself, business interests can fall into limbo. You may want to pass shares to specific heirs, appoint successors, or liquidate holdings in a particular sequence — none of which can happen without properly setting up your business and Will to provide for this. 

Name trusted executors

Your will allows you to appoint executors — individuals who will carry out your instructions. This will give you peace of mind and, chosen carefully, help prevent disputes. 

Adaptability over time

A Will is not something you write once and forget. It is a flexible tool that should evolve with your financial and personal circumstances — whether you’ve moved home, started a business or welcomed children or grandchildren. 

Regularly reviewing and updating your Will is part of responsible financial management. It ensures your legacy stays aligned with your current life. 

Final Thoughts

A Will is not just about dividing up assets. It is s about protecting them. It is about ensuring that everything you have built works for the people and causes you care about when you are no longer around. 

Hilesh Chavda is Private Client partner at Spencer West LLP