Most people like the security of knowing that their partner, children or other dependants will be well provided for when they die. Many also recoil at the idea of giving the taxman more money than is necessary. However, according to Will Aid, a charity will-making scheme, 75 per cent of people aged under 45, and half of all those aged over 45, have not made a will.

Who should have a will?
There is a widespread perception that you don’t need a will until you have children. But experts say that anyone with assets should write a will to make sure their estate falls into the right hands in the event of their death.

What are the main reasons for making a will?
First, a will ensures that your personal wishes as to who inherits your assets when you die are granted. It also allows you to appoint guardians for your children, and it can significantly diminish your inheritance tax liabilities.

If you do not have a will, you may end up paying more tax than you need to because assets held jointly that are passed to anyone (except your spouse or civil partner) may be liable for 40 per cent tax.

What would happen to my estate if I didn’t have a will?
Your dependants could be left with high legal fees and the anxiety of deciding how your estate should be divided up. You also risk your assets going to a relative you are not close to – or even the Crown.