Making a Will

Planning for retirement Making a will Planning for retirement Making a will - Financial expert and presenter of BBC Radio 4s Moneybox Paul Lewis gives his tips on planning for retirement talking about making a will

Making a will is vital to make sure your wishes will be met after you die – and that you don’t pay unnecessary taxes to the government.

 

There are many reasons to make a will, for example:

  • you can be sure your savings and possessions (your estate) will go to the people and causes you care about,
  • it removes any doubt about who you want your estate to go to, avoiding any disputes between relatives,
  • you may be able to reduce the amount of tax you have to pay on your estate.

You can make your own will, or you can instruct a solicitor to make one for you. It's usually best to get advice from a solicitor except in very simple cases.

Make sure it’s absolutely clear what you want to happen to your whole estate. You can make specific gifts to people and then state where the residue of the estate (any property or money left over) is to go. Or you could divide your estate in certain proportions, for example, half to your spouse and a quarter each to your two children. You can leave money to charities in your will, too.

Making a will

Have you made a will? Is it still on the to-do list?! Experts from Age UK and Solicitor Gillian Coverley will be helping us understand why they are important and how to go about making a will.

More money-related radio features

Making a will

Review your will at least every five years and after any major change in your life, such as moving house or the arrival of grandchildren. If you don’t, it can lead to complications and upset for your family. For example, your will may mention a house you no longer own, or refer to older grandchildren but not younger ones.

Download information and advice

opens link in new window Wills and estate planning (PDF 907 KB)

opens link in new window How to be an executor (PDF 608 KB)

opens link in new window Making a will (PDF 185 KB)

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