A will is a legally binding document that states clearly what should happen to your estate - your money, possessions and your property - after you die. 

 

A will is an important way to protect your family and loved ones. It can save on inheritance tax and ensure there are no family disputes about how your possessions should be divided. As well as naming who your beneficiaries are (the people who benefit from your will), a will also names the executors, who are the people who look after the financial process after your death.

 

There are many reasons why you might need a will, as they serve many purposes. Some of these are:

 

• To make a provision in your estate for children from a previous relationship

• To include your partner if you are not married - if you die without a will in place and are not married, your partner is not entitled to anything from your estate. Making a will significantly reduces the mount of inheritance tax payable 

• To name Guardians to look after your children and also Trustees to look after their money

• If you own your own business, you can leave this to your family members whilst also making use of tax allowances 

• To leave specific instructions for your family on the details of your desired funeral

 

Importantly, if you don't leave a will, your estate is shared out in a standard way defined by law of intestacy, which might not be in line with what you might have planned.

 

It is also important to remember to update your will should your circumstances change - for example, you get married, have children or even get divorced.