Don't leave it all to the Tax man

If you haven't made a will, the New Year is as sensible a time as any for a fresh outlook. Now could be the time to act, or you could be creating problems for yourself and others in the future. If you have no relatives, the Chancellor gets to say what happens to your money, unless you specify where you want it to go.

For some people the idea of making a will makes them feel morbid so they shut it out of their minds and think about something else. But if you don't make a will you can be sure your grieving loved ones receive the last thing they want – an administrative headache as they struggle to cope with what happens to your property and possessions.

If you do not leave a will the state has to divide and distribute your property when you are gone, using the intestacy rules. This means that your friends, family members and favourite charities could end up getting nothing at all.

You can quite easily create your own will (see our contacts section below). This means you can choose from a range of packs that match your circumstances, such as married man with children, or single woman with no children. Will packs include instructions for completion and a completed sample document. Making a will makes it far less stressful for your loved ones at what is a very difficult time.

If you're unmarried but you are living with someone then you may want to consider making a will as, if you don't, there is a strong possibility that your partner will have to fight for their home. Take the time to find out what your circumstances are, should the worst happen, and what you should do.

Making a will is not just for the well-off who want to pass on their high-value property such as the big house or family heirlooms. Making a will is as much about the small but precious things in life.

Many people now accept that it is sensible to make a will to ensure that their financial affairs are in order in the event of their death. The need to do so is even more pressing if you are parents of young children as it allows you to appoint legal guardians to look after them if you are not around to do so any more. Take the time to find out what to do to ensure your children’s security.

A will is not just for when you are gone either. You may wish to prepare for the possibility that one day in the future you may not be able to deal with your own affairs – perhaps because of physical disability or mental fragility. For this you would need to look into Living Wills. So don't be lazy by leaving your estate to the tax man and the administrative nightmare to your loved ones. A wealth of information on what to do next when putting together the best will to suit you is at your fingertips.

Contacts
Try using our legal partner Compactlaw.co.uk for creating your own will!

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