If you die without having made a Will then everything you own could end up going to the state rather than the family or loved ones you intended to benefit.

Unless you make a Will the intestacy rules decide who inherits and in what proportions.  The intestacy rules also determine who will be responsible for administering your estate and you will also have missed the opportunity to plan for inheritance tax.  If you die leaving family members who are financially dependent upon you, such as a spouse or children, it is the law that stipulates who will inherit your estate.  Your dependants may not receive anything at all in certain circumstances. 

It is important for homeowners to have a last will and testament because of the effects of inheritance tax.  By making a last will and testament, you can make use of tax planning opportunities.

If you die without a last will and testament - and you have no relatives beyond a group specified by the law - then absolutely everything you own goes to the Government.  Thankfully, that scenario is very rare because the specified relatives are usually found, although the distribution of your estate may not be in accordance with your wishes. 

Ten good reasons to make a Will:

1. Making a Will is the only way to ensure your property and possessions will go where you want after your death. The only way to ensure that your dependants are provided for in the event of your death is to write a legally enforceable Will. It is essential if you wish avoid any argument, expense or delay.

2. If you die without making a Will, your belongings will not necessarily go to your wife or husband. The intestacy laws will decide how your property should be distributed to each of your relatives. A surviving spouse is only entitled to take the first £250,000 of assets plus the chattels (contents) in your home.

3. If you're not married or in a civil partnership there's no legal provision for your partner to inherit and they'd have to make a claim on the estate in order to benefit. They'd probably have to pay a solicitor for their advice and even then the claim may not succeed.

4. A Will is essential to provide properly for young children in the event of both parents dying.

5. If you have married, separated, divorced or remarried since you made your Will, it is essential to make a new Will.

6. When you marry, any Will you may have already made is normally null and void.   You and your partner should each have your own separate Will.

7. Once you have made your Will, you should review it regularly to make sure it still fits your wishes and circumstances.

8. You should seek professional advice when you make or change your Will. Home made Wills may be incorrectly drawn up and executed and so may not stand up in law.

9. You can mitigate potential inheritance tax that your estate may suffer by careful drafting of the terms of the Will.

10. If you die without making a Will and have no family, everything goes to the Government.

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