A recent survey carried out by an insurance company, Standard Life, shows that 60% of the UK population does not have a will and more than 25% of the over 65’s are yet to make one.

What is a will?

A will is a legal document distributing the assets after the testator’s (person who makes the will) death. By making a will you can decide what happens to your possessions after your death, who will benefit from them and how they should be distributed. There is no legal obligation to make a will but if a person dies without one, their assets will be distributed according to the intestacy rules in an order established by the law and dependent on their personal circumstances.

Why should you make a will?

• If you are part of an unmarried couple and want to provide for your partner after your death
• If you want the distribution of your assets after your death to be your personal decision and provide for your family or friends
• If you are divorced and want to provide for your former spouse
• If you want to ensure that you do not pay more Inheritance Tax than necessary

If there is no will

If there is no will intestacy rules will apply. Intestacy occurs when someone dies without making a valid will and their property (estate) will be distributed according to the statutory intestacy rules. The intestacy can be total where no will was left or partial where some but not all of the property is disposed of by a will. If you are married or you are in a civil partnership and you have children then the first £250,000 of your estate (if it is worth more than £250,000) will go to your wife or husband and they will be entitled to interest on half of the rest of it. The remaining half of the estate will go to your children unless it is worth less than £250,000 in which case your children will receive nothing, If you are married but have no children then your spouse will receive the first £450,000 of your estate (if it is worth more than £450,000) and interest in half the remaining estate. The situation is even more complicated if you are not married but you are in a relationship and live together.

How to make a will?

There are certain formalities which need to be complied with in order for the will to be valid such as that the will is in writing and signed by at least 2 witnesses. For some more complex wills it is advisable to seek legal help but you can draft a will yourself. If you do write your will yourself make sure that none of your beneficiaries helps you in drafting it and that your witnesses are not interested in benefiting from the will. It is important to keep a will up-to-date especially after any major changes in your circumstances such as getting divorced, married or having a child.

Where there is a will there is less trouble

You want to have control over your money during lifetime, ideally without having to pay taxes or other mandatory charges. There is no reason why you should not be able to have influence on what happens to your money and possessions after you die. Making a will is a way of deciding who receives your estate when you are no longer around and however difficult it might seem to draft a will it is necessary if you want your loved ones to inherit your lifetime savings and the fruits of your hard work.