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Covers practical steps such as valuing assets and debts, choosing executors, naming beneficiaries, and clarifying arrangements for children under 18. Explains key inheritance tax considerations, including thresholds and gift tapering, plus the criteria for a will to be binding and how to update it.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":35,"@type":76,"position":81},"https://docshare.wps.com/document/healthcare/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/planning-your-estate-wills-legally-valid-will-guidance/488907/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/planning-your-estate-wills-legally-valid-will-guidance/488907.png","ImageObject",300,407,{"name":92,"@type":93},"Emma Wilson","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-10-01",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Why do I need a will?","Question",{"text":112,"@type":113},"A will ensures your wishes are carried out after you die and that your money, possessions, property, and investments go to the people or causes you care about. 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In fact, most people tend to put it off, with only 36% of 45 to 54-year-olds saying they have a will, compared to 67% of over-55s.  \nWhen asked why they hadn’t made a will, the main reason was simply that they “hadn’t got round to it yet”.  \nIf you’re among the majority of people in the UK who haven’t drafted a will, this article covers why you need one, how to go about making one, and what could happen if you don’t.  \nWhy do I need a will?  \nThe simple reason for having a will is also the most obvious: to ensure your wishes are fully met after you die.  \nIt’s the only way to guarantee your estate – which is made up of your money, possessions, property and any investments – goes to the people or causes you care most about.  \nThis should provide inancial security to your family and their descendants, while wills can also be used to outline guardian arrangements for any children under the age of 18.  \nWhile on the topic of family, dying without a will or having an ambiguous will can cause family disputes, so making your wishes clear should mitigate any potential for conlict.  \nIf you’re married or in a civil partnership, having a will is less important as your spouse or civil partner will be your next of kin and beneiciary to at least half of your estate.  \nHowever, your partner has no right to inherit your estate without a will if you are unmarried or have not entered into a civil partnership.  \nHow do I make a will?  \nA good place to start is to value your estate by drawing up a list of your assets and debts. This is something you should review every time your circumstances change.  \nAssets usually include any property you own, savings, insurance or endowment policies, pensions that may pay out a lump sum on death, and stocks, shares or investment trusts you may have.  \nIt’s also important to take into account any debts, such as mortgages, overdrafts, bank loans and credit cards, when calculating the total value of your estate.  \nFrom there, you need to think about how you want your estate to be distributed and to whom. Make it clear who stands to beneit from your estate and if you want to make any charity donations.  \nThen it’s time to pick the executors of your will – the people, or person, who will distribute your estate to your beneiciaries after you die.  \nThis role should be fulilled by someone you trust implicitly, although you can appoint up to four executors to manage the administrative work, to check each other and balance judgements.  \nBessemer Drive, Stevenage, SG1 2DX 21 Station Road, Knebworth, Herts, SG3 6AP 01438 303121 / 815121  \n[www.121ta.co.uk](www.121ta.co.uk)  \n Planning your estate: wills  \nTax considerations  \nWhen you’re thinking about what you want your beneiciaries to receive, you’ll need to take the tax on your estate into consideration.  \nEstates above a value of £325,000, or £650,000 for a married couple or civil partnership, could be liable for inheritance tax at 40% on the excess. An additional threshold of £125,000 (rising to £150,000 in 2019/20) can be used on top of this for passing on a family home to direct descendants, as long as it meets qualifying conditions.  \nYou’re also able to reduce the value of your estate by giving certain gifts, as long as you do this at least seven years before you die.  \nIf there are fewer than seven years between when the gift is made and your passing, inheritance tax is tapered at the following rates:  \n\n| Years between gift and death | T","cbCailVxc6iQAEh2","https://ap.wps.com/l/cbCailVxc6iQAEh2","pdf",137326,"English","# Planning your estate: wills\n## Why you need a will\n## How to make a will\n## Tax considerations\n## What makes a legally valid will\n## Can a will be updated?","[{\"question\":\"Why do I need a will?\",\"answer\":\"A will ensures your wishes are carried out after you die and that your money, possessions, property, and investments go to the people or causes you care about. It can also help provide financial security and outline guardian arrangements for children under 18.\"},{\"question\":\"How do I make a will?\",\"answer\":\"Start by valuing your estate by listing assets and debts, then decide how you want it distributed and who should benefit. Choose executors you trust, and make sure executors can manage the administrative work after your death.\"},{\"question\":\"What makes a will legally valid and can it be updated?\",\"answer\":\"A legally valid will must be written, signed with two adult witnesses present, and made voluntarily by an adult of sound mind. It can be updated when circumstances change, typically reviewed every five years and amended through a codicil where appropriate.\"}]","Planning your estate: wills - legally valid will guidance | PDF",1790818860]