Get your wishes in order

What happens if you don’t have a will when you die?

Unfortunately, your estate, money and possessions might not go where you wanted them to, and even your wishes for your children may not be taken into account. This is because there are strict rules called ‘intestacy rules’ around how your money and possessions are distributed.

So for example, if you are survived by a spouse or civil partner and children, your spouse or civil partner inherits all your personal possessions and the first £270,000 of your estate, plus half of anything above this amount. Your children are then entitled to the other half of this balance.

These are the current rules which may change in the future, and they are slightly different in Scotland. Visit gov.uk/inherits-someone-dies-without-will to find out who is entitled to a share of someone’s money, property and possessions if they die without a will.

Protecting your assets after you die

You can write your will yourself, but you really should get advice or guidance if your wishes aren’t straightforward. You can find more information on gov.uk/make-will

You could also get in touch with your lawyer or solicitor or find a professional will writer. And your bank or building society may offer a will writing service.

Our will writing service

We offer a will writing service via our specialist partners. Your adviser can arrange a free legal review with them for you if you’d like. During your appointment they’ll make recommendations on which legal solutions are appropriate for your particular circumstances, and will provide you with a no obligation fixed fee quote to go ahead and write you a will.

Will writing isn’t regulated by the Financial Conduct Authority.

Remember to review and update your will

Remember to review your will regularly, for example, every five years, or after a major change such as:

• marriage or remarriage
• you have a partner you’re not married to but want them to inherit part of your estate
• having children or grandchildren
• providing for stepchildren or foster children
• buying a property
• receiving a large windfall
• separation or divorce
• the death of your spouse
• the executor named in your will dies

Amending your will

You can’t make changes to your will after it’s been signed and witnessed. If the change is small you could make a document called a codicil to amend the terms of the existing will.

However, if you’re making significant changes you should create a new will, stating that it revokes all previous wills and codicils. The old will should be destroyed by burning or tearing it up.

Remember, if you die without a will, the law decides who gets everything you’ve worked so hard for.

If you have any questions about our will writing service, or about making a will or revising an existing will, please get in touch with your financial adviser, who is happy to help.