Prepare a will; for the benefit of those you love

A feature article by Matthew Pressman, Apr 10, 2008         

Sadly, almost one in five people will die intestate, meaning that they have not made a will declaring how they wish their estate to be distributed after their death.

One of the main reasons why people die intestate is because they considered it too morbid to contemplate their own demise while they were still alive. Other reasons stated for not preparing a will include the cost of its production and storage and, especially with young people, no requirement for one as death is so far in the future.

However, anyone can produce a will cheaply and legally. ‘Write-your-own-will' kits are available from many stationery outlets and also online, but most solicitors will also prepare standard versions of wills at reasonable cost. Considering the amount of expense and trouble that would be created by dying intestate, it is far more economic to make a will.

Granted, it really doesn’t matter to the deceased person whether they had a will or not, but it is extremely important to any loved ones left behind - especially if children are involved. Aside from sorting finances, making a will allows you to define arrangements for guardianship of your children should the worst happen.

But, in addition to ensuring that your children end up with guardians of your choice, wills are vital for stating in writing how you wish your estate to be distributed. This is very important but particularly so if your net worth is in excess of £300,000 as that is the threshold at which inheritance tax applies. Even though that sounds like a huge sum, that figure includes all the deceased’s entire wealth, including property. Many homeowners, especially those in the South-East will have a net worth in excess of the inheritance tax threshold, so it is important that certain trusts and wordings can be incorporated in the will to minimise the inheritance tax burden.

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