If you are undertaking significant life planning - whether buying a home, planning your retirement, or simply securing your assets - addressing your estate planning is essential. Having a valid, comprehensive will provides peace of mind and ensures your wishes are legally protected.
At Money Helpdesk, we can connect you with qualified and experienced estate planners who specialise in drawing up legal, tailor-made wills. This service can be arranged alongside financial products like mortgages or insurance, or offered as a standalone service.
Here, we will explain how professional will writing works, why it is so important, and how to ensure your last will and testament is perfect for your specific needs and circumstances.
Why Having a Will is Crucial
A will is a legal document that dictates how your assets (your estate) should be distributed upon your death. Without a legally valid will, your estate is subject to the Rules of Intestacy, which means the law - not your wishes - determines who inherits your property, savings, and possessions. This can lead to significant stress, delays, and unexpected tax burdens for your family.
Having a professional will drawn up ensures that you can:
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Specify Beneficiaries: Clearly name the people, organisations, or charities you wish to inherit your assets.
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Appoint Executors: Nominate trusted individuals (or professionals) to manage your estate, pay debts, and distribute assets.
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Appoint Guardians: Name guardians to look after any dependent children or vulnerable individuals, giving you control over their future care.
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Minimise Inheritance Tax (IHT): Structure your estate to legally reduce the amount of tax payable.
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Protect Assets: Ensure specific assets are protected or passed on to secondary beneficiaries (e.g., if a primary beneficiary dies before you).
How Professional Will Writing Works
Working with a professional estate planner or IFA ensures that the process is compliant, detailed, and perfectly tailored.
The Process Explained:
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Initial Consultation: A free, no-obligation chat where the planner assesses the complexity of your estate, your family situation, and your wishes.
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Information Gathering: You will need to provide crucial details to the planner, including:
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Identification: Proof of identity and address.
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Executor Details: Names and addresses of the people who will manage the will.
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Beneficiary Details: Names and relationships of all intended recipients.
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Guardianship: If applicable, arrangements for any dependent children.
Estate Valuation: The planner will help you accurately value your assets (property, investments, pensions, savings) and liabilities (mortgages, loans, debts).
Drafting and Strategy: The planner drafts the will, advising on the appropriate type of legacy (specific monetary gifts, material possessions, or the residue of the estate) and implementing strategies to mitigate IHT.
Finalisation and Review: The final draft is proofed to ensure it accurately reflects your wishes and meets all legal requirements.
Signing and Witnessing: The will must be correctly signed and witnessed by two independent people over 18 for it to be legally binding. Your planner will guide you through this strict process.
Connect with an estate planning specialist
Choosing the Right Service: Professional vs. DIY
When drawing up a will, you have several options, but the complexity of your circumstances should dictate your choice:
|
Service Option |
Suitability |
Key Consideration |
|
Professional Estate Planner |
Recommended for most people. Suitable for moderately complex estates, those with children, or those needing IHT advice. |
Cost-effective alternative to a solicitor for standard needs; offers tax advice and proofing services. |
|
Solicitor |
Reserved for highly complex cases. Necessary if you have complex international assets, contentious family circumstances, or require intricate trust arrangements. |
Tends to be the most expensive option, but provides the highest level of legal specialisation. |
|
DIY Will Kit |
Only suitable for very straightforward estates (e.g., passing everything to a spouse, low asset value). |
High risk of being declared invalid due to errors in drafting or witnessing. Misses out on tax planning advice. |
|
Banks/Charities |
Basic service only. |
Limited complexity and coverage; usually does not include bespoke IHT planning. |
A qualified estate planner will always be transparent and advise you if your circumstances are too complex for their service, referring you to a specialist solicitor if necessary.
How much Inheritance Tax (IHT) will my estate pay?
IHT is currently charged at 40% on the value of your estate above the tax-free thresholds. The thresholds are:
|
Tax Feature / Component |
Rate / Amount |
Key Details |
|
Nil-Rate Band (NRB) |
£325,000 |
The standard tax-free allowance for every individual. |
|
Residence Nil-Rate Band (RNRB) |
£175,000 |
An extra allowance when a main residence is passed directly to children or grandchildren. |
|
Maximum Allowance (Single Person) |
Up to £500,000 |
The combined total of the NRB and RNRB. |
|
Maximum Allowance (Couples) |
Up to £1,000,000 |
Unused NRB and RNRB can be transferred to a surviving spouse or civil partner. |
|
Spouse/Civil Partner Exemption |
100% Tax-Free |
Assets of any value can be passed to a surviving spouse/partner without any IHT. |
Your estate planner will use strategies like passing assets to a spouse or gifting to charity to legally reduce your estate's IHT liability.
Why Choose Us for Your Will Writing Needs?
We connect you with qualified, specialist estate planners who provide a structured, compliant, and supportive service. Our clients choose us for:
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Free Initial Consultation: A no-obligation chat to understand your needs and determine the best approach.
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IHT Expertise: Guidance on navigating complex Inheritance Tax liabilities and maximising exemptions.
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Expert Proofing: Assurance that your final will is legally perfect and will not be challenged on technical grounds.
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Holistic Planning: The ability to coordinate your will writing alongside other financial services, ensuring a unified strategy.
Ready to take advantage of a free, no-obligation chat with a qualified estate planner to get your will drawn up? Get started here.
FAQs
Anyone over the age of 18 in the UK can make a will, provided they are of 'sound mind' (mentally capable of understanding the document and its effects). There are a few exceptions: members of the armed forces may be able to make a will if under 18, and for those mentally incapable, the Court of Protection can draw up a will on their behalf.