They say there are only two things certain in every life; death and taxes.
Contrary to belief, you do not need to use a lawyer in order to write your own will. It must simply be in writing and be properly witnessed by two independent third parties when you sign it. However, if you have complicated tax affairs, you own a business or have assets overseas or you have children and/or have been separated, divorced or remarried, then you should certainly consider taking expert advice
In any event, you should make a will if you want any control over your assets after your death. Not doing so can cause untold heartache and distress for those left behind. Dying without a will means you die ‘intestate’. In such circumstances the usual rules applied are as follows;
- If married, your husband or wife may inherit most or all of your estate and your children may receive nothing (except in Scotland), even if you are separated but not yet divorced.
- If you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die.
- If you make a will you can decide exactly what your children and grandchildren may receive from your estate when you die. If not, the rules set out above will apply.
- Any Inheritance Tax that your estate has to pay may be higher than it would be if you had made a will due to the lack of prudent, legal tax planning.
It’s worth noting that if you die with no living close relatives, your whole estate may well belong to the Crown or to the government in its entirety! This law is called bona vacantia.
At Mortgage Required we offer a specialist wills and estate planning service allowing proper provision for all your loved-ones in the event of your death. We will ensure that the will properly reflects your wishes and is ‘tax efficient’ meaning the beneficiaries of your will receive the maximum possible and the taxman only gets what is due!
For more information see our Wills and Estate Planning page or speak to an adviser on 01628 507477.
Related articles:
- Who Needs a Will?
- What happens if I don’t have a Will?
- Who Will Look After My Children if I Die Without a Will?
Download our Free First Time Buyers Guide
Recent posts
There has been a rise in both rent and mortgage costs over the last three years, with renters seeing a greater increase in their monthly payments than those with a mortgaged property.
Delayed Start Mortgages
7 days ago
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments. This product has been designed to help soften the blow of moving in costs for first time buyers.
Green Mortgages | Rewards and Benefits
9 days ago
Mortgage lenders are starting to recognise their “Green” responsibilities when it comes to the different products they offer.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
When will mortgage rates fall further?
19 days ago
Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
Lloyds boost lending for first-time buyers
26 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
More information
Trusted by
