How to make a will, how much does it cost, can it be done for free online and why it’s important – all you need to know
More than half of Brits risk leaving their families nothing because they don't have a will
MORE than half of Brits don't have will and a legal watchdog is calling for laws around the documents to be "brought into the modern world".
Figures show around 27 million people in the UK - 53 per cent of the adult population - don't have a will, leaving their family potentially facing financial difficulties after their deaths.
What is a will and what how does making one protect your loved-ones?
A will tells everyone what should happen to your money, possessions and property after you die.
If you don’t leave a will, the law decides how your estate is passed on – and this may not be in line with your wishes.
If you make a will you can also make sure you don’t pay more Inheritance Tax than you need to.
A will lets you choose your own executors. If you die without one, your closest relatives will need to apply for ‘letters of administration’.
It also allows you to appoint guardians to look after your children if they are under 18, until they come of age. You can also make financial arrangements for their benefit.
A will also allows you to leave specific sums or items to individuals. These can range from items of jewellery to sums of cash.
Where there's a will...
Shakespeare's will says of wife Anne Hathaway: "I gyve unto my wiefe my second best bed with the furniture"
Actor Peter Sellers left his three children £800 each, with the bulk of his £5m fortune going to his estranged fourth wife. It is believed he tried to change his will on the day he died
Portuguese aristocrat Luis Carlos de Noronha Cabral da Camara made 70 strangers pick his sole beneficiaries from a phone book
What happens if I don't leave a will?
In England and Wales, if you are married with children, you might assume that all of your assets would go to your spouse.
However, if your estate is worth more than £250,000, your partner will only get the first £250,000.
They will get a life interest in half of the remaining estate, which means they can't get rid of it or spend it, but they are entitled to the interest.
The remainder will go to the children. If your assets are worth less than £250,000, your children will get nothing.
If you are not married, your partner is not legally entitled to any of your estate when you die and if single and childless, the government could take the lot if no family members take it.
Without a will, your family could face a larger inheritance tax bill than necessary as a will can help with the tax-planning process.
A will also makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.
What do I currently have to do to draw up a will?
Under current rules, a will must be voluntarily written by someone over the age of 18 who is of sound mind and the document must be signed in front of two witnesses.
You must list what assets you have and decide who gets what.
It is possible for people to write their own wills, particularly if their financial affairs are straightforward and they are leaving their entire estate to one person.
However, many require legal assistance as mistakes or a lack or clarity in how it is drawn up could leave the will invalid.
How do the Law Commission want to make drawing up a will easier?
The Law Commission for England and Wales has said current rules are "unclear" and the complicated systems for drawing up wills could be putting people off making them.
It is considering whether texts, e-mails and other electronic communications should be recognised is certain circumstances.
For example, if someone who dies suddenly has left a text or an e-mail expressing their intentions then a family could apply to a court to have the message recognised as a formal will.
However, the commission recognised that the proposed rules could cause family arguments and an increased number of complex legal battles.
Law Commissioner, Professor Nick Hopkins, said: "Even when it's obvious what someone wanted, if they haven't followed the strict rules, courts can't act on it.
"And conditions which affect decision-making - like dementia - aren't properly accounted for in the law.
"That's not right and we want an overhaul to bring the law into the modern world.
"Our provisional proposals will not only clarify things legally, but will also help to give greater effect to people's last wishes.
Celebs who died without leaving a will or failed to update it
Executors for Princess Diana decided to give her god children small mementos, rather than the more generous gifts detailed in a 'letter of wishes'. This was attached to her will, but was not legally binding
Barry White left children, wives and girlfriends fighting over his fortune when he died in 2003 at the age of 58
Bob Marley died aged 36 without leaving a will so his six children, 'baby mothers' and wife Rita were left squabbling over his multi-million pound fortune
Stieg Larsson, the author of The Girl who Played with Fire, died without leaving a will, so his estate was inherited by his father, rather than his partner
Jill Dando's dad also inherited £607,000 after she was murdered aged 37 outside her home in Fulham, south west London
Where should I keep my will?
You can keep your will safe at home or store it will the solicitor who made the will.
Banks will also charge an annual fee to keep it there, or use a company that offers the storage of wills - you can search online.
Remember to tell your executor where your will is.
Do I need to update my will?
This should be done every five years and after any major change in your life such as getting divorced, married, moving house, having a baby or if the executor dies.
If you do need to make changes, this cannot be done once it's been signed and witnessed so you will need to make an official alteration called a codicil.
You must sign a codicil and get it witnessed in the same way as witnessing a will.
