Making a Will

A will is a legal document which sets out your wishes in the event of your death.

Everybody over the age of 18, even with just a few assets, ought to make a will. For a very simple will you probably won't run any risks doing it yourself. You can buy ready printed will forms from most stationers, which also contain some guidance on what you need to do to make it legally binding.

Wills have an important role to play in inheritance tax (IHT) planning - they can be used effectively to minimise IHT . For further help and information with this, financial advice should be sought.

In the UK (excluding Scotland) a will needs to be witnessed by two people who are not beneficiaries. No witnesses are needed in Scotland if the document is written in your own handwriting, or if it is typewritten, you need to write in your own handwriting 'adopted as holograph' above your signature.

Poorly worded wills, or wills which don't make adequate provision for unforeseen circumstances can cause endless problems and will ultimately be much more expensive and time consuming to sort out.

See also Guide to Making A Will and Inheritance Tax ( IHT)

Last Updated: November 2007 © Moneyextra.com

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