More than 30 million Brits don't have a Will,

research from Unbiased.co.uk reveals. However, 92% of people say they know who they want to receive their assets when they pass away.

And that means there's a problem, because unless you do
something about it, your money could end up somewhere you really don't want it
to go.

Let's face it, no one really likes the idea of creating a Will
because it's an unfriendly reminder you won't be around forever. The reality is
that if you die without having made one, your loved ones may get nothing.

The research also indicated nine out of ten people under 35
don't have a will, this falls to two thirds for those aged between 35 and 54
and over a third of Brits over 55. You should make a Will if you are over 18 and also consider Lasting Powers of Attorney. Unless you want the courts to decide who runs your affairs.

More worryingly, 70% of Brits with children under 18 don't have
a Will in place. Under current rules, children who aren't named in a Will are
only entitled to an inheritance if there is no surviving spouse or if the
deceased's estate is worth more than £250,000.

Also if there is No Will in place and your children are orphaned they will be taken into care as no guardians would have been nominated. Donot think they will go to a relative, it does not work like that as the Court of Protection will decide who the suitable Guardians are going to be.

Get Will writing advice from The Will Trusts and Probate Practice.

Why the hesitation?

Apparently, 36% of people say that they haven't got around to it
and 8% reveal that the idea never occurred to them. Another 18% don't think
that they have anything of value to leave behind.

Perhaps you think your possessions will go to your family by
default - but what you might not realise is that if you were to die intestate,
the government will determine who receives what and potentially 100% of your
assets can go to the government if you have no next of kin.

Your possessions would be distributed according to strictly
defined legal rules, potentially subjecting your family and loved ones to
financial hardship at a time when they are already vulnerable.

A Will gives you the opportunity to distribute your assets and
possessions according to your wishes avoiding confusion and potential conflict
between family and loved ones.

You may wish a family heirloom such as a watch to pass to a
child, but without a will all possessions pass to a spouse who may not know
your wishes. Furthermore, an unmarried life partner would get nothing and
everything you own could go to the state.

What you should include

Take into consideration the amount of all your debts including
mortgages, loans and credit card accounts.

Create a list of assets such as savings accounts, investments,
life insurance policies, collectibles and other personal properties — spell out
specifically how you want your possessions distributed.

Take an inventory and prioritise. Figure out exactly how much
money and what property you may have, who you would like to benefit from your
will, who will look after your children if they are under the age of 18 and who
will be the will's executor.

Appoint an executor

An executor is the person responsible for passing on your
estate. You can appoint an executor by naming them in your will but courts can
also appoint other people to be responsible for doing this job.

Keep your will up-to-date

It is a good idea to review your will every few years. Consider
any changes in your life such as getting married or divorced, having a child,
buying property or acquiring substantial assets.

Contact The Will Trusts and Probate Practice to discuss your Will asap.