Although it’s not a subject many people like to discuss, it’s important to understand what exactly a will is and why you probably need one. Regardless of your age or situation, having a will can help give peace of mind to yourself and family members and, of course, make the distribution of your estate more straightforward should something happen.

We’ll explore exactly what a will is and the complexities that can arise if there is no will in place when someone passes on.

What is a will and what is included in one?

A will is a legal document that states a person’s wishes about how their estate should be distributed and how any dependents should be looked after in the event of their death. Someone’s ‘estate’ refers to their money, investments, assets and possessions.

It’s important to keep a will up to date and check the information regularly to make sure it’s still correct. A will is usually drawn up by a legal team but there are some instances where someone might choose to create one independently. In these cases, witnesses will still be needed to provide validation.

Why is a will important?

As well as stating a person’s wishes in regard to their estate, a will can make for a much simpler process when dividing up possessions or property. With a valid will in place, it’s unlikely that courts will need to involved and the family will find it easier to deal with the relevant paperwork.

A will can also help reduce any payable tax, which is why it’s generally recommended to seek the help of a professional when writing one, especially if it’s likely to be rather complex.

If someone chooses to leave some or all of their estate to a charity, this can also be included in a will.

What happens if there is no will?

If there is no will, it can be complicated to distribute an estate. Usually, the closest relative can make an application to be made administrator of the estate. This means they can then apply for probate and distribute the assets as per the intestacy rules.

It’s advisable to seek the help of a probate lawyer in these situations as the process can often become quite complex.

If there are no surviving relatives, the estate can be passed to the Crown who will then take on the responsibility of administrator.

Other factors to consider

When making a will, it’s also important to consider individual circumstances such as marital status, any debts and any inheritance tax that’s likely to be payable. And finally, it’s a good idea to keep one copy of the will at home and one with the solicitor, if applicable.