What Happens to Your Money When You Die? The Essentials of Wills and Estate Planning
By Samuel Mather-Holgate
Why Do So Many People Avoid Making a Will?
Let’s be honest—no one likes thinking about death. It feels far off, complicated, and maybe even expensive to sort out. But the reality is that not having a will can cause serious problems for your loved ones.
A shocking 54% of UK adults don’t have a will. That means if they die unexpectedly, their estate (money, property, possessions) will be distributed according to strict intestacy laws—not necessarily how they would have wanted.
So, what actually happens if you die without a will?
Dying Without a Will: The Intestacy Rules
If you die without a valid will, your estate is distributed under intestacy rules, which follow a strict legal hierarchy. Here’s what that might mean in different situations.
Scenario 1: You Have a Partner But Aren’t Married
The problem: Your partner gets nothing.
Example: Jane and Tom have lived together for 15 years but never married. When Tom dies unexpectedly, Jane assumes she’ll inherit their home. However, because they weren’t legally married or in a civil partnership, Tom’s estate goes to his estranged brother instead—leaving Jane with nothing.
Scenario 2: You Have Children from a Previous Marriage
The problem: Your children could end up with less than you intended.
Example: David has two children from his first marriage and remarries later in life. When he dies without a will, his new wife automatically inherits the first £322,000 of his estate, and the remainder is split between her and his children. His children get far less than he would have wanted, leading to family disputes.
Scenario 3: You Have No Close Family
The problem: The government could inherit your estate.
Example: Sam never married or had children, and his only sibling passed away years ago. When Sam dies without a will, the estate is passed to distant relatives. But if none can be found, his entire estate goes to the Crown.
The Cost of Dying Without a Will
Aside from your wishes not being followed, intestacy can bring financial and emotional stress to your loved ones:
- Delays in accessing your money – Sorting out an estate without a will takes longer, leaving dependents struggling financially.
- Higher costs – Solicitor fees, court costs, and taxes can eat away at your estate.
- Family conflicts – Without clear instructions, families often argue over inheritance, causing unnecessary stress at an already difficult time.
When Having a Will is Absolutely Essential
Making a will is important for everyone, but it’s especially crucial if:
1. You Have Children (Especially from Previous Relationships)
- If you die without a will, the other parent may control your child’s inheritance, even if you wouldn’t have wanted that.
- You can appoint legal guardians—otherwise, the courts will decide who raises your children.
2. You Own Property (Especially With Someone Else)
- If you’re a cohabiting couple, your partner may not automatically inherit your share of the home.
- If you own property as tenants in common, your share doesn’t automatically pass to your co-owner—it goes to your estate.
3. You Want to Reduce Inheritance Tax or Care Costs
- Without planning, a large chunk of your estate could go to the government instead of your loved ones.
- If you’re worried about your estate being used for care home fees, certain will structures (like a trust) may help protect it.
How to Make a Will (It’s Easier Than You Think!)
A common misconception is that making a will is complicated and expensive—but it doesn’t have to be. Here’s how to get started.
Step 1: Decide What You Want to Happen
- Who should inherit your money, property, and possessions?
- Do you have specific gifts for family or charities?
- Who should look after your children (if under 18)?
Step 2: Choose Executors
Your executors will handle your estate when you pass away. Choose someone responsible, such as a trusted family member or professional.
Step 3: Get Professional Help (Especially for Complex Situations)
- DIY Wills (£30-£100): Fine for simple estates but risky if there’s any complexity.
- Mather & Murray Financial Will-Writing Service (£125-£199): Ensures your will is legally valid and tailored to your needs.
- Mather & Murray Financial Trusts & Tax Planning (£399+): Useful for high-value estates, business owners, or care cost planning.
Step 4: Keep It Safe and Update It Regularly
Store your will safely (e.g., with your solicitor or in a secure home location) and review it after major life events such as marriage, divorce, or the birth of children.
Final Thoughts: Don’t Leave It Too Late
Nobody likes thinking about death, but making a will gives you control and peace of mind. It ensures your loved ones are looked after, avoids unnecessary stress, and could even save thousands in legal fees and taxes.
If you haven’t made a will yet, there’s no better time than now. It’s quicker and easier than you think—and it could be one of the most important things you ever do for your family.
Want to Get Your Will Sorted? We Can Help!
If you’re ready to make a will or want expert guidance on estate planning, get in touch with Mather & Murray Financial today. Our team specialises in helping people secure their future in a clear, stress-free way.
