Making a will

Will your estate be shared out exactly as you want it to be?

Planning your finances in advance should help you to ensure that when you die everything you own goes where you want it to. Making a will is the first step in ensuring that your estate is shared out exactly as you want it to be.

If you don’t, there are rules for sharing out your estate called the Law of Intestacy, which could mean your money going to family members who may not need it, or your unmarried partner, or a partner with whom you are not in a civil partnership, receiving nothing at all.

If you leave everything to your spouse or civil partner there’ll be no Inheritance Tax to pay because they are classed as an exempt beneficiary. Or you may decide to use your tax-free allowance to give some of your estate to someone else, or to a family trust.

A will sets out who is to benefit from
your property and possessions
(your estate) after your death.

There are many good reasons to make a will:

you can decide how your assets are shared if you don’t
have a will, the law says who gets what

if you’re an unmarried couple (whether or not it’s a same-sex relationship), you can make sure your partner is provided for

if you’re divorced, you can decide whether to leave anything to your former partner

you can make sure you don’t pay more Inheritance Tax than necessary

Before you write your will, it’s a good idea to think about what you want included in your will. You should consider:

how much money and what property and possessions you have

who you want to benefit from your will

who should look after any children under 18 years of age

who is going to sort out your estate and carry out your wishes after your death - that is your executor 

An executor is the person responsible with passing on your estate. You can appoint an executor by naming them in your will. The courts can also appoint other people to be responsible for doing this job.

Once you’ve made your will, it is important to keep it in a safe place and tell your executor, close friend or relative where it is.

It is advisable to review your will every 5 years and after any major change in your life such as getting separated, married or divorced, having a child or moving house. Any change must be by ‘codicil’ (an addition, amendment or supplement to a will) or by making a new will.

Scottish law on inheritance differs from English law.