Why you should write a will — and how to do it for free
Most of us haven’t written a will. But it's one of the most important things you can do for yourself and your loved ones
Oojal Dhanjal
There are a number of reasons to write a will, not least because it can help reduce your inheritance tax bill.
If you die without a will, or leave it outdated, your estate is subject to the laws of intestacy which means your loved ones may owe more to the taxman.
Under these laws, jointly-held assets pass to your spouse or civil partner, with them getting the first £322,000 plus half of the remaining estate.
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If you have children, the rest is split between them. But, if the amount passed to your children exceeds the £325,000 standard inheritance tax threshold, they could face an inheritance tax bill. Having a will in place means you could avoid this happening.
Having a valid will in place also ensures you have a say in who inherits your estate. It could prevent it from being passed to a distant relative you’ve not had contact with for years or a separated partner you’re not divorced from.
Having a will drawn up by a solicitor tends to cost a minimum of £150, but you may be able to get one written for free through Free Wills Month or other initiatives.
What is Free Wills Month?
Free Wills Month happens every March and October. It's a campaign that allows people aged 55 and over to get a will created, or updated, by a solicitor for free (only one of you has to be 55 if you're writing your will as a couple).
Hundreds of law firms across the UK take part, with customers encouraged to leave a legacy to a charity in their will in return for the free legal advice, although there’s no obligation to donate.
How to take part in Free Wills Month
You can sign up through a dedicated website by entering your personal details including your postcode. Once you have done this, you’ll be given suggestions of solicitors you can contact in your local area to arrange an appointment.
Some solicitors will offer you appointments remotely but most are face to face, according to Free Wills Month.
Appointments are limited and allocated on a first come first served basis. Once all appointments have been booked, the campaign is closed, which can be before the end of March or October.
What about if you miss Free Wills Month?
If you miss Free Wills Month, or are too young to take part, you can get help through the Will Aid campaign. The initiative runs every November, with hundreds of solicitors waiving their normal fee for writing a basic will.
You can make a voluntary contribution of £120 for a single basic will or £200 for a pair of basic mirror wills, with the proceeds donated to a string of charities including Shelter, Crisis, Age UK and Christian Aid.
Six steps that can help when drawing up your will
Olly Cheng, financial planning director at Rathbones Group Plc, shares his top tips on what to consider when it comes to writing your will:
- Plan long-term: If you have children, it’s important to make sure they are financially protected from any economic hurdles down the line. Therefore, consider who you would entrust as a guardian to care for your kids until they turn 18, and how you plan to divide the estate. Otherwise, the authorities could end up making that decision for you if you or your partner were to pass away unexpectedly.
- Gift to charity: Anything left to charity is free of inheritance tax, so it’s worth considering this as a way of reducing the tax due on your estate, while also benefiting a good cause. Additionally, if 10% of your net estate is left to charity the rate of IHT applicable on death is reduced to 36% from 40%, meaning the taxman would take a smaller cut of your estate.
- Pass on assets without IHT charge: On death, assets can be passed on tax-free up to the value of your nil rate band (£325,000). However, if you leave your entire estate to your spouse or civil partner, you won’t have to pay any IHT. The residence nil rate band is a further £175,000 allowance available to anyone who passes the family home to direct descendants, which reduces for estates valued over £2 million. It’s a good idea to keep below the IHT threshold or your estate will be chargeable on death at 40%.
- Legally bind your will: Make sure that your will is properly signed by two adult independent witnesses – not beneficiaries or those married to anyone who stands to benefit.
- Giving early inheritance: Passing on wealth while you’re still alive – also known as lifetime gifting – can be an effective way to reduce a future inheritance tax bill, have more control over how your inheritance is used and be able to see your loved ones benefit from your generosity. This could be through a number of ways, whether you help them get onto the property ladder, or start their own business.
- Watch out for pension and gifting changes: Labour targeted pensions in the 2024 Autumn Budget, with chancellor Rachel Reeves announcing that unused pension funds would no longer be exempt from IHT come April 2027.
Pension provider Royal London has created a template document called “When I’m Gone” which you can use to detail whether you have made a will, where it is kept and who your executors are.
This could come in useful for family members after a loved one has died.
Don't forget to update your will
Once you have written your will don't forget to keep it up-to-date. Marriage invalidates any previous wills, but divorce doesn't.
Also, make sure that your will is stored somewhere safe where it can easily be found when you die.
O’Brien, from MetLife UK, said: “As life goes on and you reach key milestones, your assets and wishes may change, and so your will should evolve with them too. It’s good practice to review your will every five years or so, or after any major milestones like marriage, buying property, or the birth of a child or grandchild, to check whether your circumstances and wishes still stand.”
Writing a will – cheap and easy options
- Do it yourself: You can pick up a do-it-yourself will-writing kit on the high street for around £20. But this is only suitable for people with very simple financial affairs and it is easy to make mistakes that could render it invalid.
- Fixed-fee services: A better option may be a fixed-fee will-writing service. Prices at Which? and Co-op Legal Services start from £99. If you have a premium bank account, check if a will-writing service is included. You could also be entitled to a free will through your home or car insurance policy if you chose to include legal cover.
- Online services: You could also use an online service such as Farewill.com or Make A Will Online. You answer questions online to create your will. It is then checked by a specialist before you are sent a link to download, print and sign. With these online services, you could pay anywhere from £60 to £100 for a single will and £90 to £240 for a joint will. An added benefit of online services is you can easily update your will whenever you like, sometimes for a small additional fee.
