This is the eighth in a series of monthly legal columns by Grantham-based multi-service law firm JMP Solicitors. Established in 2000, JMP provides services for a diverse range of local and national clients from individuals, to companies and organisations.

Here Yvonne Carratt, head of the wills and probate department at JMP Solicitors, explains the importance of making a will.

In the UK, three out of five people do not have a will in place to set out what happens to their affairs, dependents and assets once they pass.

Often people without a will feel that they are too young and healthy to have one, and in place of one they believe that their friends and family will have the power to decide between them who should inherit what. 

However, if there is no will then these important decisions are handled by the state, and the strict rules of intestacy will be employed, taking the arrangements away from the hands of the family.

It's often thought that making a will is a complicated, lengthy and expensive process, which is also one of the many reasons people choose to wait or put it off each year.

But it's important to address some of the main concerns and be clear about the importance of sorting a will as soon as is possible.

1. It's too expensive and complicated

The process of making a will is relatively straightforward and easy, and getting in contact with a specialist lawyer will be useful, as well as covering financial advice options.

1. Hopefully I have a few more years left

Whilst you may be healthy at present, you can never be sure when the unthinkable may happen, so to ensure your state of affairs is exactly how you'd like it when you do pass on, it makes perfect sense to have a will in place as soon as possible.

A will is always specific to an individual, it's never general so it covers specific funeral wishes and if you have dependents it appoints people you trust (Guardians) to care for any children under the age of 18.

1.  Leaving it to chance

There is no sense in leaving it to chance. If there is no valid will in place then the law will decide who will inherit your assets as determined under the Rules of Intestacy, which puts your relatives into a set order of priority.

Rules of Intestacy are strict and do not acknowledge unmarried partners or step-children, so many loved ones may not be entitled to inherit anything.

Setting up a will can help preserve wealth for future generations with the creation of trusts, as well as protecting against residential care costs, and helping vulnerable or disabled beneficiaries.

Yvonne Carratt, head of the wills and probate department, is an Associate member of the Society of Trusts and Estate Practitioners and also holds the Step Advanced Certificate in Advising Vulnerable Clients.

Please call 0800 0241 976 or email [email protected] for further information.