The Essential Guide to Making a Will: 5 Things You Need to Know
Planning your estate can feel overwhelming, especially with so many misconceptions about wills and inheritance. If you’re unsure where to start or wondering why it’s so important, you’re not alone. Many people ask themselves, 'Do I need a will?' or 'Why do I need a will?' and put off the decision until it's too late. In this episode of Money illuminated, we’ll break down the five key points you need to understand about making a will—what it is, who needs one, and how to ensure your wishes are clear and legally valid. Whether you’re single, married, own property, or have children, these insights will help you navigate estate planning with confidence and purpose.
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About the experts
Jack Saunders is Head of Private Wealth at ilumiti and a Chartered Financial Adviser, specialising in retirement planning, tax‑efficient income strategies, and portfolio risk management for high‑net‑worth clients.
Elliot West is a Financial Adviser at ilumiti, advising UK professionals and couples on practical retirement cashflow planning, annuities vs drawdown decisions, and sustainable withdrawal strategies.
Freya Chuter is an Estate Planning Specialist. She helps clients navigate wills, trusts, and inheritance planning with care and clarity—ensuring their wishes are protected and their legacies preserved.
Why Do I Need a Will?
A common misconception is that only the elderly or wealthy need a will. However, the reality is quite different. As Freya, our estate planning expert, explains, "most people need some form of estate planning, regardless of age or assets." Even if your assets are modest, a will can help ensure that your estate is distributed according to your wishes rather than default statutory laws that might not align with your intentions.
Without a will, your assets could pass to relatives you didn't intend. What happens if you don't have a will? In most cases, your estate will be distributed under intestacy rules rather than according to your personal wishes. For example, if you’re unmarried with children, failing to write a will can lead to complicated inheritance issues, which can be avoided with proper planning.
Why You Should Not Delay Creating a Will
Many don’t think about estate planning until they’re much older or facing major life changes. But Freya warns that “people often realise too late that they should have made a will when they had the chance, especially with minor children or significant assets involved.” Delaying estate planning may increase the risk of legal disputes, tax inefficiencies, and additional stress for your loved ones.
Who Needs a Will and When?
Protect minor children: You can specify guardianship, ensuring your children are looked after by someone you trust.
Unmarried couples: Without a will, your partner may not inherit your estate automatically.
Pet owners: You can appoint someone to care for your pets if you’re no longer around.
Property owners: Particularly important for those on the property ladder or with shared ownership.
Individuals with specific wishes: For example, leaving assets to a charity or setting up trusts.
The Truth About Age and Wills
Many assume they only need a will once they’re older. However, Freya highlights: "Younger adults with assets, children, or even pets should consider a will." Having a will is about protecting your assets and your loved ones, not age.
Types of Wills: Which One Is Right for You?
Not all wills are created equal. Understanding the different types of wills can help you decide which option best suits your circumstances.
Common Types of Wills
Mirror Wills: Designed for couples, where both partners have identical wishes. They typically mirror each other’s instructions.
Single Wills: For individuals, straightforward and customizable based on personal circumstances.
Mutual Wills: Less recommended, these involve an agreement between two people not to change their wills after one passes away. Freya warns: “They’re often too restrictive and hard to unravel if circumstances change.”
Trust Wills: More complex, these involve setting up trusts to protect assets, control inheritance, or reduce inheritance tax.
Freya emphasises that “the more detailed your will, the clearer your wishes will be. Simple wording can lead to disputes or unintended outcomes.” For example, specifying guardians for children and defining asset distribution can prevent conflicts among family members.
The Importance of Detail
What Do You Need to Make a Will?
Many people know they need a will but aren't sure what they need to make a will or where to begin. The key is preparing the right information.
Essential Preparation
List Your Assets: Property, savings, investment accounts, valuable possessions, and debts.
Decide on Beneficiaries: Who should inherit your estate? Friends, family, charities?
Choose Guardians: If you have children, appoint trusted guardians.
Identify Executors: Who will ensure your wishes are carried out?
Think About Pets: Who will care for your pets? Even your dog or cat can have a designated caregiver.
Freya advises: "Having these details ready can make the process smoother and help ensure your will accurately reflects your wishes."
Common Mistakes to Avoid
Not appointing guardians for minors.
Leaving assets unclaimed, risking tax inefficiencies.
Failing to update the will after life changes such as marriage, divorce, or having children.
Attempting to write your own will without legal expertise—this can invalidate it if not done correctly.
How to Write a Will: DIY or Professional Help?
While it’s technically possible to write your own will, many people choose to seek professional assistance to help ensure their will accurately reflects their wishes and complies with applicable legal requirements.
The Risks of DIY Wills
Incorrect legal wording can invalidate the document.
Missing signatures or witnesses can make the will invalid.
No legal protection if disputes arise later.
The Benefits of Using a Professional
Can help ensure the will is prepared in accordance with applicable legal requirements.
Tailors the document to your specific circumstances.
Guides you through complex issues like trust creation or inheritance tax planning.
May provide peace of mind by helping to ensure your wishes are clearly documented.
Estate planning is about more than just assets—it's about ensuring your loved ones are protected and your wishes honoured. As Freya mentions, "the effort you put into your will is an act of care and responsibility."
Whether you're wondering why you need a will, exploring the different types of wills, or learning how to write a will, taking action today can help protect the people and causes that matter most to you.
If you’re unsure where to start or need help, consult a legal professional specializing in estate planning. Remember, the goal is to make a will that clearly expresses your wishes—so your loved ones can focus on what really matters.
Final Thoughts: Making Your Will Today
Summary: What You Need to Remember
Creating a will is a vital step in protecting your estate and loved ones. It’s not just for the elderly; everyone with assets, children, or pets should consider one. Understanding the different types of wills, preparing the right information, and seeking professional help can make the process straightforward and secure your wishes for the future.
Do I really need a will if I don’t own much?
In many cases, yes. Even if your assets are modest, a will helps specify how you want your possessions distributed, avoiding legal confusion for your loved ones.
Do I Need a Will?
Most adults should consider having a will in place. A will allows you to decide how your estate is distributed, who should care for any children or pets, and who will manage your affairs after your death. Without one, your estate may be distributed according to intestacy rules rather than your personal wishes.
Can I change my will later?
Yes, you should review and update your will after major life events like marriage, divorce, birth, or losing a loved one.
What happens if I die without a will?
Without a will, your estate is distributed according to statutory laws, which might not reflect your wishes. It can also cause delays and disputes among family members.
How much does it cost to have a professional make a will?
Costs vary depending on complexity, but professional guidance can help reduce the risk of errors and may help ensure your will reflects your individual circumstances.
What’s the first step to making my own will?
Start by listing your assets, beneficiaries, guardians, and executors. Then consult a qualified estate planning professional to ensure your wishes are properly documented.
Important information:
This article is provided for general information purposes only and does not constitute legal, financial, tax or estate planning advice. Estate planning requirements vary according to individual circumstances, and professional advice should be sought before taking action. Tax treatment, legislation and reliefs may change in the future and cannot be guaranteed. The views expressed in this article are intended for general information purposes only and should not be relied upon as personal legal, financial or tax advice.