Wills and probate

Making a will is an important part of personal financial planning. By making a will and choosing the right executors, you help ensure that your assets will be passed to your chosen beneficiaries. Making a will also helps minimise the likelihood of problems for your executors dealing with the estate and obtaining ‘probate’.

Making a will

The first step to making a will is to decide who you want to benefit from your estate after your death. At the same time, if you expect to leave significant assets, making a will is an opportunity to review your inheritance tax planning.

Making a will is essential unless you have relatively few assets and want them all to pass to your spouse. If you die without making a will, your assets are automatically distributed in accordance with the ‘rules of intestacy’. Unmarried couples can be badly caught out by these: the surviving partner will not be entitled to anything (unless they were in a civil partnership).

You should review your will periodically to ensure that it still matches your wishes and circumstances. For example, you might want to make a new will if you get divorced. Bear in mind that getting married usually invalidates an existing will.

Executors and probate

As part of making a will, you choose the executors you would like to deal with your estate. It’s important to check that they accept the role of executor: being an executor involves a significant amount of work. One option is to include a solicitor among your executors.

Your executors deal with your estate. The executors collect any assets (investments and so on) and pay any bills. As part of the process, the executors must have the estate valued and submit a return to HM Revenue & Customs (HMRC). Once HMRC is satisfied – and, if necessary, inheritance tax has been paid – the executors obtain probate.

Probate gives the executors the legal authority to deal with the estate. Once probate has been granted, the executors can wind up the estate by distributing the assets to the beneficiaries in accordance with the terms of the will.

Will disputes

Potential beneficiaries can dispute a will. A common source of disputes is claims against the estate - where spouses, former spouses or other financial dependents feel they have been treated unfairly.

Wills can also be disputed on the basis they are invalid, for example, if they have not been properly drawn up or a subsequent will exists. Beneficiaries can also challenge executors whom they feel are acting improperly.

Taking professional advice when making a will, choosing the right executors and discussing your wishes with your family can all help minimise the risk of disputes.

More on Wills and probate:

• Making a will
• Winding up an estate
• Disputing a will

Find more FAQs, briefings and tools on Wills and probate in the Resources box on the right.

Note: This guidance applies to England and Wales only. Different rules and procedures apply in Scotland and Northern Ireland.