Why you should write a will – and how to do it for free

Couple looking at a computer screen and documents

(Image credit: Getty Images)

last updated 30 September 2024

You might carefully hand out money in line with the inheritance tax gifting rules and fret about whether or not you should set up a trust to protect your wealth.

But have you taken one of the simplest steps to reduce an inheritance tax bill? A will is a powerful weapon against the taxman and yet the majority of us have never bothered to write one.

If you die without a will, your estate is subject to the laws of intestacy. If you're married this means jointly-held assets pass to your spouse, but the rest of your estate is divided up between your spouse and your children. Your spouse gets the first £250,000 plus half of the remainder, with the rest split between your children.

The problem with this is that if everything goes to your spouse there is no inheritance tax due, but if the amount passed to your children exceeds £325,000 then they will face a tax bill. Write a will and you avoid this problem.

Another reason to have a will is to ensure your money goes to people you love. Without one, your money could pass to an ex-partner you haven't divorced yet, or a distant aunt rather than your long-term partner. Unmarried partners are not included in the laws of intestacy – note: the concept of a common-law marriage does not exist in the UK – so your partner would receive absolutely nothing by law, unless you've written a will.

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Olly Cheng, financial planning director at Rathbones Group, comments: "Inheritance tax planning, which includes writing a will, is one of the most important things you can do for yourself and your family. Not only does it mean keeping your financial affairs in order and having some sort of control over your finances, but it can also legally protect and support loved ones.

"The economic uncertainty and predicted announcements that could be made in the upcoming Autumn Budget have highlighted the need to be well prepared for what the future may hold."

There is no excuse for not having a will. It doesn't need to be a complicated process and these days it is not expensive.

Take advantage of Free Wills Months

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. Charities include the NSPCC, Samaritans and Marie Curie. There is no obligation to leave a gift to one of the featured charities.

To take part in it during October 2024, you must book a slot by 31 October (though the appointment can be later than October). Enter your postcode on the Free Wills Month website to find a participating solicitor nearby that has availability. The appointment is free and could save you several hundreds of pounds in legal fees.

If you miss Free Wills Month, or you're too young to participate, don't worry because Will Aid runs annually in November and is open to everyone aged 18 and over. In a UK-wide campaign involving seven charities, hundreds of solicitors offer to write basic wills for any adult. They waive their usual fee, and instead ask for a donation to Will Aid – the charity will-writing scheme. The suggested donations are £100 for a single will or £180 for a pair of basic "mirror wills." The donations are distributed among the charities.

Unsurprisingly, free wills are popular so if you're interested in either scheme you need to act fast to ensure you get a slot.

Four steps that can help when drawing up your will

Andrew Oxlade, investment director at Fidelity International, says writing a will is "one of the central planks of personal finance planning". He gives the following tips that might help when drawing up a will:

Value your estate - before you even come to draw up a will, it’s best to assess how much your assets and debts are worth, so you have a clear idea on how you want to bequeath your estate. Include the value of your home, personal belongings, savings, investments, pension funds and business assets versus any loans or mortgages you may have to give you a clear picture.
Protect your partner - it’s important to understand both yours and your partner’s legal rights to assets such as property, which may not always be jointly owned. It’s crucial that you have a will in place expressing your wishes regarding children and assets to ensure that your partner is protected.
Gift to charity - anything left to charity is free of inheritance tax (IHT), 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.
Don’t forget your pension - pensions can be a tax-efficient way to pass on your wealth, as they fall outside of your taxable estate. If you die before the age of 75, your pension can be paid tax-free to your beneficiaries so long as they take the money or start drawing it down within two years. If you live beyond 75, they’ll only pay tax on the money they take at their normal rate of income tax.

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.

"It’s important to review your will regularly to make sure that it matches your current wishes— particularly after life events like marriage, divorce, and births of children and grandchildren," says Cheng at Rathbones.

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 £150. 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 £60-100 for a single will to £90-160 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.

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times.

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service.

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.