Why it’s not as hard as you think to make a Will

Making a Will is the best way to make sure your money, assets and property go to the people, or good causes, that you want them to. So why don’t more than half of all adults between the ages of 50 and 64 have one?¹

The answer is that Wills can involve making some difficult choices. They mean answering questions that many of us would rather put off or avoid altogether, such as “what if I can’t decide who gets what?”, “what if my children aren’t ready to be responsible for a large sum of money?” or even “can I leave someone out of a Will?” Broaching the subject with other family members can lead to heated exchanges, even estrangements.  

No wonder over half (53%) of us haven’t even told anyone what we want to happen when we die – let alone got round to making a Will.²

Why you should make a Will

However complicated the issues seem, dying ‘intestate’ – without a Will – could be worse. If you don’t make a Will, your money may end up in the hands of people you didn’t intend it to. It’s a common belief that, if you’re married or in a civil partnership your spouse or partner will automatically inherit, even if there’s no Will. Although this is usually the case, it isn’t always so. And if the estate is valued at less than £322,000, children will not inherit. Dying ‘intestate’ can lead to delays and unnecessary distress during an already emotional time.  

A Will is a very powerful document, and a legal expression of your wishes. All the more reason to make it clear what you would like to happen and take the opportunity to explain your wishes to the family face to face.  In our experience, it can smooth the way to involve a financial adviser in these conversations, to explain the practical benefits of different options. Many financial advisers form trusted, sometimes lifelong relationships with the families they advise, often supporting more than one generation. So they often know all the family members well.

What if I can’t decide who gets what?

The first thing to know is, your Will isn’t set in stone. You can change it. So if you’re not sure who you should leave money to, don’t let it stop you making a Will. We form many meaningful relationships in our lives, and our Will is a way to remember, and reward those people. In today’s society of blended families, civil partnerships, and second marriages, making your Will is rarely as simple as leaving everything to your partner or children. There may also be people in your life who feel like family, even if they’re not related by blood, and you may want to leave something to them too. A financial adviser who is one step removed from the family circle can be an excellent sounding board, and help you achieve consensus.

What if the people I want to inherit my estate are children or too young to manage the money responsibly?

If you feel that your children are too young to be trusted with a large lump sum, it’s common to set up a trust for them.

You can build a discretionary trust into your Will. This means that you nominate the beneficiaries such as your children in your Will, but independent trustees, appointed by you, will decide who gets what, and at what point. You should also write a letter of wishes, so your trustees are clear how you wanted the funds to be distributed – for example, to pay for their maintenance and education. Since you appoint the trustees, you can choose people you know and trust.

You can also state when they will receive the money. For example, this could be at the age of 21 or 25, depending on what you think is right for the individual. Until then, you can rely on the trustees to make sensible decisions on your behalf – the decisions you would have made, if you were still alive.

Do be aware, however, that a letter of wishes is just that – your wishes. It isn’t legally binding. The trustees can act according to their discretion, as well as taking your wishes into account. They may look at the relationship you had with the beneficiaries at the time of your death, or their current circumstances, and the tax implications. If you’re at all concerned, do reach out to your financial adviser to talk things through. 

You can amend your letter of wishes as many times as you like in your lifetime and you don’t have to keep going back to your lawyer.

What if my beneficiaries are vulnerable in some way?

If the person you want to inherit is vulnerable – for example, if they have a long-term condition and needs someone to look after them after you die – one option to consider is to set up a discretionary trust or a vulnerable person’s trust. A vulnerable person’s trust is tax efficient, and you can make sure the money is invested in the right way so that the beneficiary is looked after for the rest of their life. You may want to consider setting up a trust like this during your lifetime, for your own peace of mind.

Can you leave someone out of a Will?

Leaving someone out of a Will who might be expecting to inherit can be a very difficult decision to make. But, as far as the law is concerned, you have complete freedom to act as you wish. It’s your Will, so you decide who should benefit. You should be aware, however, that if someone is not included they could make a claim against your estate after your death.  

For example, they could argue that you intended to include them, but you were badly advised or didn’t have full mental capacity at the time of making the Will. These cases can be time-consuming, distressing and expensive for your estate to defend, so it’s important to take advice before excluding someone who might otherwise expect to inherit from you. It could end up being counter-productive, in the long-term. 

One aspect to bear in mind is that you can’t put legally binding conditions on how people spend the inheritance you leave them. Once they’ve inherited, they can spend that money on whatever they like.

What if the people I want to leave money to die before I do?

Many of us will live into our 90s, even beyond. That might mean, for example, that a parent outlives their child. You need to cover this off in your Will too and confirm who should inherit if your intended beneficiary dies before you do. Otherwise, the gift will fail. It’s always worth thinking about this carefully and discussing various options with your lawyer and your financial adviser as well as your family, so you have a plan B.

What if I can’t decide on legal guardians for my children?

Not being able to choose, or agree on, a legal guardian for your children could stop couples making Wills when they should. You’ll want a guardian to be loving and supportive, to have your children’s best interests at heart and be a person close your family who shares your parenting style and values. Most people appoint relatives, or very close friends who have children of similar ages and who have been part of your family life for a long time. Always make sure that you explain to them why you’d like them to take on this important role, so you have their permission and support.

What if I don’t have any descendants to leave my estate to?

Some people put off making a Will because they don’t have children or relatives they’d like to leave their estate to, even when they’re married or in a civil partnership. And a surprising number of people assume that when they die, their partner or spouse will automatically inherit. This isn’t always the case and you shouldn’t rely on it, since your partner’s financial wellbeing may depend on it.

If you don’t have descendants, or people close to you to leave money to, you can leave your money to anyone, or any organisation. Many people make substantial gifts in their Wills to charities or causes close to their heart. Since any money you leave to charity is tax-free, your gift will make even more of a difference. You’ll be helping those after you to create a world that you believe in, and care about.

Leaving money to charity can potentially reduce your Inheritance Tax bill. If you leave at least 10% of your net estate to charity, the rate inheritance tax chargeable on your estate could drop from 40% to 36%.

Leaving a meaningful legacy

It’s easy to think that making a Will is the end of your estate planning. In fact, it’s just the start. Reviewing your Will every 10 years, or whenever there’s a change in your family’s situation, such as the arrival of grandchildren, or the start of a new relationship, is good practice.

Ensuring that the right people get the right money at the right time may open doors and opportunities long after you’ve gone.

Get in touch

Estate planning, trusts and tax need careful consideration, and it’s important to ensure your Will takes into account all of your financial planning. So get in touch with us, especially if your situation isn’t straightforward.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are dependent on individual circumstances.

Will writing involves referral to a service that is separate and distinct to those offered by St. James’s Place. Wills and Trusts are not regulated by the Financial Conduct Authority.

Sources 

¹Money and Pensions Service, January 2025
²National Will Register, October 2024

SJP Approved 25/06/2025