A Will is a legal document in which you state what you wish to happen to your estate on your death.

The current threshold (2007/08) for Inheritance Tax is £300,000.

It doesn't matter how little you think you are worth, it is important to make a Will otherwise your relatives and friends could face severe difficulties and, although you may not like it, if you don't make a Will the law will decide for you.

If your estate is worth more than £300,000 when you die there will be a 40% tax bill to pay on the extra amount.

Your Will clearly lets your intentions be known in relation to:

1. Who you wish to act as executor of your Will.
2. Who you wish to act as guardian of your children.
3. How you would like your funeral conducted.
4. Whether you wish to donate your organs or donate your body for medical research.
5. Provisions to reduce death duties, along with providing for your pets or favourite charity.
6. Who you wish to receive what of your personal items, investments and or property.

Making a Will is relatively straightforward and not very expensive. In spite of this however, 7 out of 10 people in the UK die without a Will, which often causes delays, hardship, worry and costly legal bills can then result. Should you die without making a Will or if your Will is deemed to be invalid, (e.g. if it wasn't completed or signed correctly), then you are said to have died intestate.

Your Family First Adviser can help you understand the most tax efficient ways to organise your estate and minimise your tax liabilities after your death.

Click here to open a new page with a guide to Inheritance Tax Planning

* The Financial Services Authority do not regulate Will Writing.

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Click here for a link to a Family Will writing service