Making a will

As you get older, you will need to think about what's going to happen to your wealth when you pass away.

However, even when you're younger, you need to give this some thought – especially if you have a family who depends on you.

One of the most important aspects of this is making a will. By doing this, you will ensure your estate is passed on to family and friends according to your specifications.

If you die without having made a will – known as dying intestate – the law will decide what will happen to your estate. This means your estate may not go to those people you wanted it to go to and it can also delay the formalities required before your estate can be distributed.

Unmarried partners or those without a civil partnership are also not recognised if there is no will – so if you haven't tied the knot, you won't be able to inherit from each other unless there is a will in place.

Who should write your will?

You can write your will yourself – however, you should only do this if your will is extremely straightforward. A more sensible option is to use a solicitor as they will be able to ensure your will is legal and accurate. A solicitor can also advise you on more complicated legal matters and advise on how inheritance tax will affect you.

Solicitors' fees do vary depending on how complicated your will is. However, you can generally expect to pay around £150 to £200.

You could also get a will-writer to do it for you. However, not all of these services are reliable. Although their fees are lower, there have been cases where wills have been inaccurate or have even been lost.

So if you are thinking of using a will-writer, you should ensure they are a member of a recognised trade body such as the Institute of Professional Will Writers or The Society of Will Writers. As well as having to follow a code of practice, they also have a complaints procedure if anything goes wrong.

In some cases, you may be able to get a will written for free. October marks Free Wills month where a number of solicitors offer their services for charitable donations and anyone over the age of 55 can have a basic will drawn up for free.

And in November, Will Aid works with solicitors in the UK to run National Make a Will week where again, solicitors donate their time and support for charity.

What to include

Before writing your will, think carefully about what you want to include in it. You need to consider the amount of money you have and your property and possessions – don't forget to include savings, pensions, insurance policies and shares.

You also need to think about who you want to benefit from your will and who would look after any children you have under the age of 18.

You will also need to appoint between one and four executors who will take responsibility for carrying out your wishes and distributing your estate. Executors often include relatives or friends, solicitors or banks.

Where to keep your will

Once you have made your will, you will need to store it carefully and inform your executor of where it is. If a solicitor has drawn up your will, they usually retain the original and forward you a copy, although you can request the original if you want to keep it.

Update your will

Don't forget to regularly update your will – particularly after a key event such as getting married, divorced or separated, giving birth or moving house. In England and Wales, a will is usually automatically invalid if you marry.

Any change ought to be by 'codicil' (an amendment, addition or supplement to a will) or via making a new will.

Scottish law

Scottish law on inheritance is different to English law.

If you wish to make a will and live in Scotland, you need to contact a solicitor or voluntary organisations like the Citizens Advice Bureau or Age Concern Scotland for advice.