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A guide to
Making a will
A SIMPLE GUIDE TO MAKING A WILL
This is a basic guide prepared by ACCA’s Technical Advisory service for members and their clients.
Basic guides should not be used as definitive guides, since individual circumstances may vary;
specific advice should be obtained, where necessary.
Why make a will?
We are all going to die sooner or later and most of us do not know when that will be. A will is the
only way that we can make our wishes known at a time that will probably be upsetting for those we
leave behind.
A will is also useful for asset protection; this is increasingly important as you get older. It can provide
for a spouse to continue to occupy a house on the death of one party to a marriage. It can also
protect the children of a first marriage, by giving a second spouse a right to occupy the property
and on their death, the capital can pass to the children.
A carefully drafted will can also save inheritance tax, charged on death, particularly in conjunction
with lifetime inheritance tax planning.
If you don’t make a will
If you do not leave a will, your estate will pass according to the intestacy rules. However, this means
that it may not pass as you would wish it to and it is more difficult for it to be administered. Under
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the intestacy rules, a spouse or civil partner will inherit personal effects and a statutory legacy,
together with a life interest in half the remainder. At present the intestacy rules do not recognise cohabitees, although case law has recognised them in certain circumstances. If you have children with
your partner, the children will automatically inherit (together with your parents, brothers and sisters)
and your partner will have to fight for a share of the estate. This could mean that substantial
professional fees could be charged against the estate.
Who can make a will?
Anyone can make a will; you can buy a form quite easily from a stationer’s shop. However, it is
strongly recommended that a solicitor draft the will, as it is very easy to get the wording wrong and
invalidate the will. The will must be signed by the testator (person making the will), who must be
over 18 and of sound mind. The will must be witnessed by two witnesses, who must be present at
the same time and neither they nor their spouses can inherit.
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Accidental death
If two persons die together and it is not possible to know which was first to die, the elder is
presumed to have died first. Your will should provide for this eventuality; if such an accident has not
been provided for, the laws of intestacy will apply. If you have children under 18 years old, you
should appoint a guardian in such circumstances.
What should I do?

Make a list of your assets and an estimate of their value. This will allow you and your
accountant to assess what inheritance tax would be payable. Jointly-owned assets pass by
‘survivorship’ to the joint owner.

Appoint two or three executors to administer your will (one professional – accountant or
lawyer - and two family members is ideal).

Appoint a guardian for children under 18 in case the surviving spouse also dies.

State whether you wish to be buried or cremated.

Provide for any cash legacies to specific people or charities.

Describe any specific personal items, e.g. jewellery, furniture, cars etc. that you wish to leave
to specific persons.

The specific legacies out of the way, consult an accountant or solicitor to take care of any
inheritance tax planning that you may wish to make.

Consider whether you wish to put any assets into trust. This is particularly of use where a
family business is concerned, as it can enable a business to be continued without diluting a
shareholding.

Similar considerations apply where there is land where more than four persons would inherit,
as no more than four persons can be registered as owners.

Consider a trust for a vulnerable beneficiary.

Decide how you wish to leave the rest of your estate (the residue).

Have the will drawn up by a professional.

Make sure it is signed, witnessed (not by anyone likely to inherit) and kept safe, where it can
easily be found.
When should I make a will?
As soon as you are 18; the costs of doing so are much cheaper than the costs of sorting out an
estate where there are conflicts among those left. A properly drawn up will is much less likely to be
contested.
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If you have already made a will, make sure it is up to date. Changes to the law relating to trusts and
land will be favourable to many of those inheriting these. However, they are not retrospective and
the old law will still apply to wills already made at or before 6 April 2010. If you are thinking of
leaving land or assets in a trust, review your will.
ACCA LEGAL NOTICE
This is a basic guide prepared by the ACCA UK's Technical Advisory Service for members and their clients. It should not
be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where
necessary.
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