While it is not a nice thing to think about, it is important to make sure you have an up to date will in place to protect your loved ones after you die

A will is a legally binding document that sets out how you want your property and any other assets you have, like shares or savings (normally called your estate), to be dealt with after you have passed away.

If you don't have a will in place, it means that the law decides who gets what from your estate, which could mean that some people get more or less than you had intended.

• What is a will?
• Why is it important to have a will?
• What happens if I don't have a will when I pass away?
• What is an executor?
• How do I go about making a will?
• How much does it cost to make a will?
• When do I need to update my will?

What is a will?
A will is a legally binding document that sets out how you want your estate to be split up and distributed after you have passed away. Your estate normally includes things that you own, or your share of any jointly held things like:

• Your home
• Stocks, shares and savings
• Any payouts from pensions or life insurance policies you have - where there isn't a named person for the payouts to go to/or the plans are not in trust
• Any possessions you have, like your car, jewellery, antiques

Less

• Any outstanding mortgage or loans that you have used your home as security for
• Any other outstanding debts you may have, like credit card bills, overdrafts or personal loans
• Outstanding household bills in your name
• Funeral expenses
• Any legal costs to carry out your will

Review your will regularly to make sure it's still up to date.

Why is it important to have a will?
It's important to have a will, as it sets out what you want to happen after you pass away, including:

• Who you want to appoint to make sure your will is carried out - this person is known as an 'executor'

• It makes sure your estate is divided up as you want, and everyone gets exactly what you want them to

• It helps to prevent your loved ones from the extra stress and potential financial difficulties of not having a will and having to leave it to the law to decide who gets what. This is especially important to think about if you are not married but living with a partner and if you want them to have certain things, such as your home

• It allows you to detail your personal choices for what happens after you pass away. These could include if you want to be buried or cremated, and if you want to take part in organ donation programmes

• Details of who you'd like to look after any children you have

• Details of any money you want to go to charities

• How you want specific items from your estate dealt with. For example, you may want to make sure a particular person gets your home, or wish to give your engagement ring to your daughter

• Details of any specific actions you want taken, to try to minimise the inheritance tax you have to pay

What happens if I don't have a will when I pass away?
If you don't have a valid will in place when you pass away, you are said to have died 'intestate'.

This means that the law decides who gets what from your estate, and in the worst case, it could all end up going to the government. There are different rules governing who gets what if you die without a will and what happens, depending if you live in England and Wales or Scotland. Your local solicitor should be able to let you know the exact details.

If you want to find a solicitor, call the Law Society of England and Wales on 020 7242 1222 or The Law Society of Scotland on 0131 226 7411. Both organisations have websites where you can get more information on wills. Find them at www.make-a-will.org.uk and www.lawscot.org.uk

What is an executor?
An executor is someone that you appoint in your will, who makes sure that your wishes, as detailed in your will, are carried out.

You can appoint anyone to be an executor, provided they are over 18, but as the duties can take up lots of time you should check the people are happy before you name them in your will. You can also appoint a professional to act as an executor, like a solicitor.

How do I go about making a will?
Making a will is usually pretty quick and easy, unless you have a particularly complicated estate. There are several ways of making a will:

• Given the importance of your will, you really should seek professional advice and get a solicitor to draw one up
• Some banks and insurance companies also offer will-writing services
• There are also many online will-writing services available, some of which are run by solicitors
• You can also buy a will-writing pack from many shops, but think very carefully about using one of these as a poorly worded will can cause lots of expense and stress for your loved ones after you've gone, and a wrongly witnessed one can be invalid

If you want to find a solicitor to help you make a will, call the Law Society of England and Wales on 020 7242 1222 or The Law Society of Scotland on 0131 226 7411. Both organisations have websites where you can get more information on making a will. Find them at www.make-a-will.org.uk and www.lawscot.org.uk

How much does it cost to make a will?
Getting a professional will written for a single person normally costs around £50-£70, and from £100-£150 for a joint will. If your will is very complicated the costs may be more, but your solicitor should be able to advise you of the costs before they write the will.

When do I need to update my will?

• If you get married
• If you get divorced
• Moving in with a long-term partner
• Splitting up with a long-term partner
• Having children
• Coming into a large sum of money
• When there are changes in the value of any assets that you own, like your home, jewellery, stocks and shares or antiques