You no doubt already understand the importance of having an up-to-date will in place. But when life is busy, writing or updating one can slip down your to-do list.

This is likely the reason why 67% of UK adults have no will, or an out-of-date will, according to Will Aid figures.

A will is a key part of any financial plan. It’s where you say what happens to everything you own in the event of your death. Putting one in place, and thinking about your estate planning early, could even make your estate more tax-efficient.

This could save the people you love time and money when they really need it.

When respondents were asked why they hadn’t written a will, the most common reason given was that they “hadn’t got round to it”.

Speaking to Octopus Legacy could make it easier for you to put a will in place today.

Continue reading to discover more.

Wills ensure your wishes are followed and your financial planning stands the test of time

Working with Optimum Path, you’ve likely spent time thinking about your future, and how to protect your loved ones.

But your financial plan doesn’t end with retirement, or even your lifetime. Your will is the critical piece of the puzzle that ensures everything you’ve worked hard to achieve ends up with the right people.

Passing away without a will typically means that the government decides who receives your assets under the rules of “intestacy” and your wishes – on something as important as the division of your estate – won’t be taken into account.

With a will in place, you stay in control and can choose what passes to who.

You can create a tax-efficient plan and maximise what you leave behind

Thorough estate planning could help you reduce the burden of Inheritance Tax (IHT), ensuring that more of your estate reaches the people and causes that matter to you.

You can take advantage of several allowances and exemptions during your lifetime, such as gifting rules or the residence nil-rate band. We could help you structure your estate tax-efficiently.

You could also consider charitable giving. By leaving at least 10% of your taxable estate to a UK-qualified charity, the rate of IHT your loved ones pay could drop from 40% to 36%.

While this might seem like a small reduction, it could make a significant difference to both the charity and your loved ones.

In 2024 alone, UK Fundraising states that over £4 billion was donated to charities from legacies left in wills, showing just how popular this option is.

Writing a will could also be your chance to help loved ones process their grief

Creating an estate plan doesn’t necessarily have to stop at legal documents such as a will or life cover. It can also be your opportunity to think more broadly about what you want to leave behind, potentially something non-monetary.

As well as formal instructions, you could include wishes for your funeral, letters to loved ones, or notes to explain your decisions.

You may even decide to share much-loved family recipes, helping you connect with the people you love after you’re gone.

In a survey conducted by Octopus Legacy for their ‘Human Cost of Dying’ report, people were asked about the best gift they received from someone who passed away:

• 74% said the gift had no monetary value – memories, photos, and letters were the most common answer.
• 86% of respondents said these types of gifts helped them process their grief.

When you think about will writing, you may only think about money and who to leave it to. However, for those you leave behind, material objects might not have the same value as more personal legacies.

Get in touch

If you have any questions about your estate plans or writing or updating your will, contact us now or reach out directly to dylan.burke@octopuslegacy.com to speak to an Octopus Legacy solicitor.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate estate planning or tax planning.