According to a recent survey completed by charity Will Aid, around half of Brits (49%) don’t have a will in place.

And yet, a will remains the best way to ensure that your choices are understood and complied with when you die. Without one, you will have no say over who inherits your wealth and the outcomes may not align with your wishes.

Keep reading for seven important questions to ask yourself now.

1. Do I really need a will?

If you want a say in how your wealth is distributed after your death, a will is the best way to do so.

It allows you to state exactly who should receive what. It could also allow you to leave money to causes you care about.

Without a will in place, your money will be distributed according to the laws of intestacy (more on which later), which might not align with your wishes.

2. Is my will up to date?

Once you have a will in place, be sure not to forget about it. Your wishes today might not align with your wishes tomorrow or in a year or a decade’s time.

Changes in your personal circumstances can have a huge bearing on who you would like to receive a portion of your wealth.

Think about when you last updated your will. Have any milestones – births, deaths, marriages, divorces – occurred since then? If so, do they have a bearing on your will?

3. Have I communicated my wishes to loved ones?

Having honest conversations about how you want your wealth to be distributed on death is vital.

Not only will it force you to think about a difficult subject, but it will mean that your loved ones understand your wishes and motivations too.

While the number of contested wills is on the rise, open discussions should help to ensure that those closest to you respect your decisions. This, in turn, should relieve the additional stress of having to deal with a contested will after you are gone.

4. Does anyone know where it is?

Once you’ve written your will, be sure that someone in the family knows where it is kept. Also, be sure to note down the name of your solicitor.

You might consider printing out or saving a digital copy of Expert Wealth’s In Case of Emergency (ICE) document to list the things your loved ones would need to know if something happened to you.

You can include contact details for life insurance and pension providers, the location of important documents, and even upload these to the Expert Wealth client portal. Just be sure you include log-in details for the portal too so that it can be accessed if you are no longer able.

5. What about my unmarried partner?

Dying without a will means that your estate becomes subject to the law of intestacy. Under these rules, a spouse and civil partner, and blood relatives will inherit. An unmarried spouse does not, regardless of whether you live together.

If you are a step-parent to your partner’s child, that child won’t automatically inherit either.

If you want your partner or their child to receive a portion of your wealth when you die, you’ll need to make this clear in your will.

6. Should I consider a Lasting Power of Attorney (LPA) too?

You’ll need a will to make your wishes known on death, but the unexpected can strike at any time.

You might find yourself incapable of making decisions for yourself – about your finances or personal care – after an accident or illness.

You can opt for a Health and Welfare LPA to cover your day-to-day wellbeing and medical care, for example. Or a Property and Financial Affairs LPA to appoint somebody to look after your finances.

You’ll need to have the mental capacity to put an attorney in place, and there is a charge attached, but it could save your family enormous stress, worry, and money should something happen to you.

7. What about my pension?

Pensions are not only tax-efficient when you are contributing to them, they can be tax-efficient on death too.

Unused pension funds can usually be passed to a chosen beneficiary tax-free on death before age 75. After 75, your beneficiary will pay tax at the highest rate they pay.

Crucially, though, you nominate the beneficiaries of your pension using an Expression of Wish form, rather than naming them in your will.

If you haven’t selected a pension beneficiary, be sure to do so now.

Get in touch

With decades of experience, our Chartered Financial Planners have the expertise to help you make tax-efficient plans in retirement, as well as thinking about what will happen to your wealth on death. If you have any questions, please get in touch and speak to us today.

Please note

The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.