When we think about “financial wellbeing,” we usually picture the things that impact our daily lives – getting a handle on the monthly budget, choosing the right salary sacrifice schemes, or watching our pension pot grow.
But there is one vital piece of the puzzle that often gets pushed to the bottom of the to-do list: making a will.
It’s understandable. Thinking about what happens after we’re gone isn’t exactly a fun Tuesday night activity. However, according to Citizens Advice, making a will is the only way to ensure your money, property, and possessions (your “estate”) go to the people and causes you actually care about.
Without one, the government’s “rules of intestacy” take over, which could mean your partner, children, or favorite charities miss out entirely.
Here is everything you need to know to take control of your legacy.
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Do you actually need a will?
The short answer is: yes.
But it is especially urgent if:
- You live with a partner but aren’t married: Under UK law, “common law” partners have no automatic right to inherit if there is no will.
- You have children: You need to legally name guardians to ensure they are cared for by people you trust.
- You’ve recently gone through a life change: If you’ve married, divorced, or bought a home, your previous arrangements (or lack thereof) are likely outdated.
- You want to be tax-efficient: Proper estate planning can help reduce the amount of Inheritance Tax your loved ones might have to pay.
What makes a will legally valid?
You don’t necessarily need a solicitor to write a will, but for it to stand up in court, it must meet these strict criteria:
- You must be 18 or over and making it voluntarily.
- You must have “testamentary capacity” (understanding what you are doing and what you own).
- It must be in writing.
- It must be signed by you in the presence of two witnesses.
- It must be signed by your two witnesses in your presence.
Crucial tip: A witness cannot be a beneficiary of the will, nor can they be married to a beneficiary. If they sign it, they lose their inheritance!
The risks of “DIY” wills
While you can buy a will template at a stationery shop, Citizens Advice warns that “DIY” wills are often prone to errors. If the wording is slightly vague or the witnessing isn’t done perfectly, the will could be declared invalid. This often leads to family disputes and expensive legal fees that eat away at the money you intended to leave behind.
How Maji supports your journey
At Maji, we believe financial wellbeing means feeling confident about every stage of your financial life. We’re here to help you move from “I should probably do that” to “It’s all taken care of.”
- Digital guidance: Our platform provides tools to help you calculate the value of your estate so you’re prepared before you even sit down with a solicitor.
- 1:1 financial coaching: Our qualified coaches can help you look at your overall financial picture. They can explain how your pension nominations work alongside a will to protect your family.
- Access will-writing experts at a discount: We take the guesswork out of finding a professional. Through the Maji platform, you can connect with vetted will-writing experts and legal professionals to ensure your documents are legally sound and your legacy is protected.
| Feature | Without a will | With support from Maji & Will experts |
|---|---|---|
| Control | The rules of succession dictate who inherits your assets, regardless of your relationships | You decide exactly who benefits |
| Speed | Probate can take years if contested | A clear path for your executors |
| Guardianship | Court decides who raises your kids | You choose the guardians yourself |
| Peace of mind | Constant “niggling” stress | Total confidence in your family’s future |
Your easy action plan
Taking the time to write a will is about more than just legal paperwork; it’s about ensuring your loved ones are protected and your hard-earned assets are distributed exactly how you intended. By addressing your estate planning now, you remove the “what ifs” from your financial future and replace them with certainty.
Don’t leave it to chance. Log into your Maji dashboard today to explore our estate planning resources, connect with vetted will-writing experts, or book a session with a coach to discuss your financial legacy.
