Will readings often crop up in dramas, with wayward children and partners findings themselves overlooked as the family fortune goes to a favourite servant or distant cousin. But, even if you don't have the wealth or the inclination to create a stir after you've gone, it's extremely important to have a will. ‘Without a will, your money, property and belongings will be distributed according to the intestacy rules,' explains John Ranford, managing director of The Will Site (thewillsite.co.uk).
Rarely do these rules distribute your wealth in the way you would have wanted. For example, without a will, your spouse will receive the first £125,000 with the remainder going to your children. Worse still, if you weren't married, the rules won't recognise your partner at all and your money will go straight to your children.
When it comes to dividing up your wealth in a will, remember you won't know how much money you'll have when you die. ‘You can give fixed sums to some people but it's sensible to split it as percentages, for example 50 per cent to each of your two children,' says Ranford.
Another good reason to have a will is to leave details of how you would like your children brought up and who you'd like to be their guardian. ‘If you're not married and your child was born before December 2003 you'll also need to make provision for the father to take on parental responsibility if you die, as they won't automatically get this,' explains Brian McMillan, director general of The Society of Will Writers.
Wills can also be used for inheritance tax planning. Although there is no inheritance tax to pay when you leave things to your spouse, it makes sense to use both of your inheritance tax allowances. A professional will writer can help you make provision for this in your will.
You'll also need to think about how to get your will written. The cheapest way to write a will is with a do-it-yourself kit. These can be picked up in WH Smiths or from Amazon for as little as £6.50.
Next up the price scale are some of the online will services. At their most basic, and for a fee of around £25, these will provide an online version of the pack you'd get from WH Smiths. They are a little bit more foolproof than the paper versions as your responses are used to determine which further questions you need to answer.
Although these do-it-yourself wills are cheap, the downside is if you make a mistake, you'll probably never know about it. Instead it could result in an untidy mess with people either unhappy with your wishes or disputing the content of your will. ‘Solicitors love these do-it-yourself will packs,' says McMillan. ‘Spending £10 on one of these wills today could cost your estate thousands of pounds later when the legal professionals have to unravel it.'
