NEARLY seven out of 10 people don't make a will because they don't know how to or they are worried about legal fees.

However, a will does make things easier and less frustrating for those left behind.

Before you make a will:

  • List the assets you own
  • Decide who is to receive those assets First make an inventory of everything you own, whether in your name alone or jointly with others.

Then decide if there are any specific gifts you want to make to particular people.

Any item you do not specifically allocate forms part of the residue of your estate and you must also decide who is going to receive this residue.

If you make no provision in your will for someone who is financially dependent on you, that person may have a claim against your estate. This can also apply to close relatives. Where this risk exists you should always contact a lawyer to assist you in drafting your will.

It is always best to draft your will as simply as possible in plain English. Avoid the use of legal words and phrases if you don't know what they mean.

If you die without making a will or if your will is invalid you die intestate. The management of your estate is then placed in the hand of administrators who are appointed by the court and who are likely to be close members of your family.

The administrators distribute your estate according to the rules of intestacy.

The rules are complex but broadly speaking the bulk of your estate will go to your spouse or, if you don't have one, to your children, and if you don't have any, to other blood relatives.

The effect on the rules depends partly on the size of your estate. If your estate is large (currently more than £125,000 where there are children and £200,000 where there are none), less than you expect may go to your spouse. So it is always prudent to have a valid will rather than rely on the intestacy rules.

It is also possible to die partially intestate. This occurs if you fail to deal with all of your property in your will or if a particular beneficiary dies before you.