Why Having a Will Is Essential for Financial Planning
Financial planning is often associated with pensions, investments and retirement strategies. However, one of the most important, yet frequently overlooked, aspects of financial planning is having a legally valid will.
Without a will, your estate could be distributed according to UK intestacy rules, rather than your personal wishes. For families, business owners and homeowners, this can create unnecessary financial complications and emotional stress at an already difficult time.
For clients at Lazenby’s Financial Services, a will should be considered a fundamental part of a complete financial plan.
How Many People in the UK Have a Will?
Despite growing awareness around estate planning, millions of people in the UK still do not have a will.
Recent research highlights the scale of the issue:
- Only around 41% of UK adults have written a will, equating to roughly 22 million people.
- Around 47% of UK adults – more than 32 million people – do not currently have a will.
- Some studies suggest the figure could be even lower, with just 37% of adults reporting that they have a will in place.
- Over half of adults aged 50–64 still do not have a will, despite being closer to retirement.
These figures highlight a significant gap in financial planning across the UK.
What Happens If You Die Without a Will?
If someone dies without a will in England or Wales, they are said to have died intestate.
This means the rules of intestacy determine who inherits the estate. These rules do not always reflect modern family structures or personal wishes.
For example:
- Unmarried partners may receive nothing under intestacy rules.
- Stepchildren are not automatically entitled to inherit.
- Assets may be divided in ways you did not intend.
Without a will, your loved ones could face delays, legal costs and potential disputes when dealing with your estate.
Why a Will Is Essential for Financial Planning
A will does far more than simply distribute assets. It forms a crucial part of a broader financial plan.
- Protecting Your Family
A will ensures your money, property and possessions go to the people you choose.
Given that the average UK estate value can exceed £300,000, ensuring assets are distributed correctly is vital.
- Appointing Guardians for Children
If you have children under 18, a will allows you to appoint guardians. Without this, the courts may decide who cares for them.
- Reducing Family Disputes
Clear instructions reduce the likelihood of disagreements between relatives after your death.
- Supporting Inheritance Tax Planning
A well-structured will can help ensure your estate is distributed tax-efficiently. Financial planners and solicitors often work together to structure estates in ways that minimise unnecessary tax.
- Protecting Business Assets
For business owners, a will can ensure continuity and prevent operational disruption.
The Growing Importance of Estate Planning in the UK
The UK’s ageing population and rising property values mean estate planning is becoming increasingly important.
Many people now hold significant assets in:
- Property
- Pension funds
- Investments
- Business ownership
At the same time, awareness of digital assets and online accounts is also growing, with nearly 40% of people planning to include digital assets in their wills.
This highlights the evolving nature of estate planning in the modern financial landscape.
Free Wills Month: An Opportunity to Get Your Affairs in Order
Campaigns such as Free Wills Month in March, or charity linked ones with Will Aid in October/November, encourage people, particularly those aged 55 and over, to write or update their will with participating solicitors.
During the campaign, eligible individuals can often have a simple will prepared at no cost, while charities encourage voluntary donations.
Initiatives like this aim to address the large number of UK adults who have not yet made a will and raise awareness of the importance of estate planning.
For those who already have a will, it can also be a useful time to review and update it following life changes such as:
- Marriage or divorce
- Buying property
- Having children
- Starting a business
- Significant changes in wealth
Monika Volsing, Head of Private Client at Winstons Solicitors adds:
“If you don’t have a will, do one. If you do have a will, review it. Estate disputes are on the rise. You may think, “I don’t care, I’ll be dead.” But it’s your family & friends who will have to deal with the fall out, both financially & emotionally, of you not having a will, or the will being wrong. Instructions from you as to what you want after you die can be a great comfort to them & can provide financially for those who need it, whilst ensuring tax efficiency too. With more estates becoming IHT-liable due to changes to pension & business reliefs, this kind of planning has never been more important. Get legal advice to make sure that your will actually does what you want it to, tax issues are considered & it’s less likely to be challenged after you die.”
When Should You Write or Update Your Will?
Many people believe they only need a will later in life, but financial planners often recommend creating one much earlier.
You should consider writing or updating your will if you:
- Buy a home
- Have children
- Get married or divorced
- Start a business
- Build up savings or investments
In reality, anyone with assets or dependants should have a will in place.
How Financial Advisers Can Help
Financial advisers often work alongside solicitors to ensure your will fits within your wider financial plan.
At Lazenby’s Financial Services in Leeds, this can include:
- Estate and inheritance planning
- Investment planning
- Pension strategies
- Protecting family wealth
- Long-term financial planning
Taking a holistic approach ensures your finances are structured both for life and for what happens after it.
Frequently Asked Questions About Wills
Do I need a will if I’m married?
Yes. While spouses do inherit under intestacy rules, the distribution may not match your wishes and may not account for children from previous relationships.
Do I need a will if I don’t have many assets?
Even if your estate is relatively small, a will ensures clarity and prevents unnecessary complications for loved ones.
How often should I update my will?
Many experts recommend reviewing your will every 3–5 years, or after any major life event.
Can a financial adviser help with wills?
Financial advisers can help ensure your will aligns with your broader financial plan, though the document itself is typically prepared by a solicitor or regulated will writer.
Final Thoughts
Writing a will is one of the simplest yet most powerful steps you can take to protect your family and your financial legacy.
With millions of UK adults still without a will, taking action today can ensure your wishes are respected and your loved ones are protected in the future.
If you would like guidance on how a will fits into your broader financial strategy, Lazenby’s Financial Services can help you plan for the future with confidence.
