Do I need a will?

The simple answer is yes. Wills can be used to ensure that you pay a minimum amount of inheritance tax, so there is more for you to leave to friends and family.

I don't have a lot to leave, so why bother?

A will also expresses your wishes as regards other things, such as who should look after your children after your death or who is to get possession of a family heirloom of great emotional value.

What happens if I die and don't have a will?

That depends on the rules of intestacy

Many factors are considered, such as whether you are married, whether you have children to name but two. For example, a married person with no children will get the first £450,000 and the car and house contents (known as chattels) plus half the excess over this figure. The remaining half will go to the deceased's brothers, sisters or parents. If there are no brothers, sisters or parents still alive, the spouse will get everything.

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I'm living with my partner but am not married and don't have a will. What would happen if I died?

If you are living with your partner but are not married or in a civil partnership, your partner is not entitled to anything, unless they can prove that they were dependant on you in a court. This can be a lengthy and expensive process.

How often do I need to review a will?

Life is constantly changing and therefore it is important to review your will at regular intervals to ensure that it would still achieve what you now want to happen when you are no longer here. For example, you may have left Grandma Nancy's watch to cousin Johnny, but he is no longer with us, so you want to leave it to nephew Jimmy instead.

What is the current limit below which I won't have to pay inheritance tax?

For a single person it is set at £325,000 currently, provided that they have made no other gifts within the last seven years prior to their death.

For a couple, the unused allowance from the first to die passes to the second.

What is the current rate at which inheritance tax is charged?

It is currently set at 40% of the amount in excess of your allowances.

Can I avoid inheritance tax by giving the house to my children, and then living there till my death?

This used to be a popular way of reducing inheritance tax payable, but which was stopped in 1987. The tax man now considers such a move a "gift with reservation of benefit" which means that unless you pay a market rent, then the property will be included in your estate and subject to inheritance tax. It will also raise issues of capital gains tax for your children as it would not be their principal home.

I want to leave everything to my children but they are too young. Is there anything I can do in my will?

This can be dealt with by creating a will trust. A trust is simply a way of holding money and/or property somewhere for the benefit of another person (usually). In a trust you nominate what are known as trustees, who will administer the fund for the benefit of your children. You can put restrictions on the trustees, for example they can't give large amounts of money to the children until they are 25 years old, or give them complete discretion.

Is it easy to change a will?

A will can be altered in your lifetime by creating a codicil, which is basically an addendum altering a specific part of the will. This used to be the most common way of making minor alterations. However, with word processors, it is often as easy now to just modify the original will and have it resigned and witnessed.

What are the requirements for a valid will?

The basic requirements are that the person making it must be over 18, do so voluntarily without any form of duress, be of sound mind, have signed the will having read and understood it, and have his signature witnessed by two valid witnesses.

For more information see www.adviceguide.org.uk/

Can't I just use a "do-it-myself" will from a high street store?

Of course you can, but there are a lot of pitfalls which can lead to such a will being disputed.

Below are some of the sorts of problems that can occur.

• Have you evidence to show that you considered all the potential beneficiaries?
• What if your son separates from his wife. Do you still want her to get anything?
• What if you are leaving a specific gift to someone and after your death it can't be found? Do they get nothing or can a different item be substituted?
• If you leave something to someone, like a car, which still has a finance agreement on it, do they take over the finance debt as well, or is that to be paid of by your estate for them?

Having a will drafted by experts helps to avoid these problems and ensures that your wishes are carried out accurately.