No one likes thinking about dying, so it’s hardly surprising that many people don’t have a will in place.  Yet a valid will is one of the most important arrangements you can make during your lifetime.

If you don’t have a valid will in place, then your loved ones may not see the benefit of all your hard work and the assets and possessions you have acquired.  Without a will, your assets, such as your house, your bank accounts, savings and investments, and even your personal possessions such as jewellery, your car and anything else of value could be distributed under the intestacy rules rather than following your wishes.

Intestacy rules (which apply if you die without a will) pass your assets on, dividing them up in a specific order.  The rules are slightly different in Scotland than in England and Wales but overall they are intended to make sure the bulk of any estate passes to any surviving spouse/civil partner and children . Despite this, it’s not a foregone conclusion that your loved ones will get what you’d like them to have, and with family circumstances ever more complex these days, it’s a good idea to ask an independent financial adviser (IFA) or a solicitor who specialise in will writing, for guidance.

For example, imagine that you’re married with two young children, you live in England and your assets are worth over £500,000.  That’s more likely than it sounds, when you add up the value of your house, your possessions, your car, and everything you have in savings and pensions.  Under the intestacy rules, the first £250,000 of your estate and your personal possessions go to your spouse.  Anything left is divided into two: half goes to your children when they reach 18, and half is placed in trust – your spouse can receive an income from the trust, which will pass to the children on death.  If you are not married and have no children your estate could pass to your brothers or sisters or even your parents – which could make your parents’ estate larger than they had planned for and so incur unexpected inheritance tax on their death.  If no immediate relatives are traced, your estate may even end up being passed to the government.

If you do have a valid will your executors, who may be family or friends will have to apply for probate and if everything is in order in the will, your estate will be distributed as you wish.  Inheritance tax may need to be paid before the balance of the estate is released to the trustees or beneficiaries.

As you can see, there’s a lot to deal with – on top of the emotional strain of bereavement. So, with our search tools, we can put you in touch with solicitors who offer a will writing service.  A firm will charge from around £150, depending on how complicated your requirements and personal circumstances are, but the peace of mind for you and your family could be invaluable.

Questions you might like to ask the experts…

Will money be available to pay for my funeral?

Can I leave individual possessions to particular people?

How can I reduce the taxes due on my estate?

If I have money tied up in investments, what happens to it?