Despite its importance, only 47% of people in England and Wales have executed a will according to a recent survey conducted by the charity, Will Aid.    A will is actually a legal document that comes into effect when you die and records how you want your Executors to deal with your Estate.

When drafting up a  will this should deal with:

• any funeral wishes
• the appointment of Executors who are then responsible for administering the Estate in accordance with your wishes
• the appointment of guardians if there are young children
• any specific gifts, whether to family, friends or to charities
• how the remainder of the estate should be distributed.

A will is extremely important when couples are not married as the surviving partner will not automatically receive any benefit from your Estate.  In addition, any step-children or friends do not have any legal entitlement to your Estate.  If you die without having a will in place it means your Estate will be administered in accordance with the Intestacy rules, which are often more complicated and the administration can be more expensive.

A will is a vital document enabling you to plan for the future by protecting your assets for the next generation.  For example, if you have children from a previous relationship or if you may need care in the future, incorporating a trust structure in your will can protect the capital for your children or grandchildren whilst also providing security for your spouse.

Once you execute a will, it is important and essential to keep it up to date whenever significant events occur, for example if you have any children, divorce or an Executor and/or beneficiary dies in your lifetime.