Writing a will… We know, it’s hardly the most exciting task on your to-do list. After all, who really wants to think about what happens to their estate and assets after they’re gone?
But what if we told you that not making a will could cause far more harm than good—not just for you, but for the loved ones you’d leave behind?
From family disputes to unexpected tax bills and government claims, the consequences of skipping this one document can be both shocking and costly. Let’s take a look at three shocking facts about wills that may just change the way you think about them.
But before we do that, we better explain what a will is and the necessity of having a will.
What Is A Will?
A will is fundamental to protecting your assets and belongings. It allows you to decide who inherits your estate. Without a will, the government then determines asset distribution. Which in most cases leads to unwelcome outcomes, disputes and tax bills.
Your will ensures that not only is your estate protected but you’ve also taken care of your loved ones. Additionally, a will can address more than just assets. It can designate guardians for minor children. This is vital for any parent seeking to ensure their children are properly safeguarded.
The importance of having a will in the UK includes:
- Ensuring your assets go to your chosen relatives / loved ones
- Minimising family disputes and legal challenges.
- Avoiding intestacy rules dictating asset distribution. (meaning that things like money, property, or special belongings go to the right people)
- Setting clear instructions for your estate’s management.
So what are the 3 shocking facts you ought to know when it comes to making a will?
Shocking Fact #1: 60% Of UK Adults Don’t Have A Will
Did you know that roughly 60% of UK adults die without having written a will? and that the government then has the right to distribute the deceased’s assets and estate how they see fit?
If someone passes away and there’s no will in place, the government can then take control of their assets and estate. Dividing it up in accordance with the rules of intestacy. (a law which helps determine who inherits what due to there being no will)
However, if the deceased has no living relatives, the government then considers the estate as “Bona Vacantia.” (which is Latin for vacant goods) and all assets are then property of the Crown.
The UK government benefits financially from this as they can now sell it off and make a handsome profit. But that’s not all, they also benefit from inheritance taxes on estates over the £325,000 tax free threshold. (source CO-OP)
Now that you’re aware of the importance of a will. The most commonly asked question is:
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Do you need a solicitor to write out your will?
The short answer is “No” you don’t NEED a solicitor to help write your will. You could use an online will writing service that will do the job perfectly fine. However, like everything there’s pros and cons to using an online service. It might be convenient and straightforward, but life is unpredictable and circumstances can change overnight.
Which can then make changing your will a little more complex. Using a solicitor not only offers you expertise and clarity. But it ensures that your will meets the legal standards.
Changes done to an online will, could cause confusion or even potential disputes. Especially if you have a complex estate and want things done in a certain way. Having a solicitor help you with your will brings clear and concise instructions that are legally binding. Minimising any confusion and reducing the chances of any disputes.
Navigating the probate landscape can be complex and stressful. Having a solicitor alongside you can make this process a lot more manageable. Solicitors can advise on the UK laws making sure you understand things like inheritance tax. Which is vital to positively impact the value of your estate.
Working with a solicitor can also help you to save substantial sums of money by using tax efficient strategies. Which brings us onto…
Shocking Fact #2: Unclaimed Estates Create Unexpected Costs
The government collected £7.5 billion in (IHT) Inheritance Tax in the 2023-2024 tax year. This revenue stems partly from unclaimed estates. In some cases, the assets may face higher taxes because there’s no will in place that protects them from hefty taxes. (source: Money Week)
The money collected is then part of the government’s revenue. This is to help support public services, health-care, education and infrastructure. It’s estimated that only about 4% pay Inheritance Tax (IHT).
However, higher-value estates and unclaimed assets contribute a lot of income for the government.(source: London Loves Business)
“So why is this important and how does this impact you and your loved ones?”
Without a will, the government often benefits more than the deceased’s intended heirs. When assets are unclaimed or taxed heavily, a larger share goes to government coffers instead of being passed to family members, friends, or charitable causes the deceased may have wanted to support.
Why Is Making A Will So Important?
As we’ve already mentioned a will protects you and loved ones, but there’s also other areas of importance.
Having a will makes sure you allocate your assets and select the right beneficiaries. This is a deeply personal process which a solicitor can help you with. The aim of a will is that it reflects your priorities and values. So when making these decisions, clarity is vital.
When writing a will you need to consider things like: Dividing assets based on relationships, needs, or personal beliefs. Think about your loved ones’ future needs and any charitable intentions you may have.
A well-crafted will can help guide your choices:
- Specify who gets what and in what proportion
- Consider including contingencies for unforeseen events. (in other words a Plan B)
- Evaluate the roles of secondary beneficiaries.
Getting advice from a solicitor is good practice when facing complex family dynamics. They can help you navigate potential disputes or misunderstandings. Ensuring that your assets have been divided up, according to your wishes. Which brings us onto the last shocking fact…
Shocking Fact #3: Memento Mori ( We All Die)
Okay, so this isn’t so much a shocking fact because I’m sure you’re aware that we all have a limited time on this planet. But we want to share the biggest misconception that surrounds writing a will.
“Writing a will is for people who are looking to retire or have retired”
WRONG!
This couldn’t be any further from the truth. Did you know that cancer rates for adults between 25-49 have increased by 24% from 1995-2019 (source: Cancer Research UK)
We know this is a bit doom and gloom. However, the reason we wanted to share this statistic with you, wasn’t for the shock factor. But to show that serious illnesses can affect anyone, not just older people.
Health problems can arise and happen at any time. Which is why having a will is something we all ought to consider, no matter how old or healthy we are.
Life evolves and so should your will. Just because you’ve written it once. It doesn’t mean it’s set in stone.
It’s a good idea to have a will that includes a spouse, civil partner or someone you share a property with. You may also want to include family members.
The good thing about a will is that it can be changed or updated at any time. Having a solicitor alongside you is invaluable when revising or making any changes. They’ll make sure it meets the legal standards and maintains its integrity. Avoiding any complications or mis-understanding.
Staying proactive and reviewing your will safeguards not only your best wishes and intentions. But it offers you peace of mind knowing that your affairs are in order.
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SUMMARY
Here’s a quick recap of what those 3 shocking truths are
60% of UK adults don’t have a will. Meaning that there’s a lot of unclaimed assets which will be seized by the government
The UK government collected over £7.5 Billion in revenue from inheritance tax which stems from unclaimed estates and assets.
You don’t have to be thinking of retiring or retired to make a will. It’s strongly advised that you make a will now, rather than not at all.
Thinking about these facts may feel overwhelming, but creating a will doesn’t have to be. With the guidance of a solicitor, you can take control of your legacy and ensure your loved ones are taken care of.
The reality is, the consequences of not having a will can far outweigh any hesitation. Dying without a will may leave your estate and assets in the hands of others, often leading to strife and division among those you care about.
If this article has inspired you to take that next step, we’d love to help. At Edward Amaury, we offer professional will writing, Lasting Power of Attorney and probate services to guide you through every step. For free advice or to get started, call us at 01228 272395 or email us at info@edwardamaury.co.uk.