It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:-

• If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This is almost certain not to be the way that you would have wished your money and possessions to be distributed ; allow us to put that another way by reference to our 2 examples here : say you are a married man or a wealthy (perhaps reclusive) widow and worth say £2million ; in the first example a mere £250,000 ( after February 2009) will go to the spouse ; in the second example ... well to be frank it depends on her relatives - if they can be traced and contacted and essentially this estate can go all over the shop to cousins nephews brothers half sisters and all remote branches of the family but dear reader please note only after the intestacy has been proven and the IHT has been paid

• Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner

• If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die

• It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made

• Whenever your circumstances change, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.

The rules of intestacy will apply if a person dies without a valid will.

For couples who are married or who have entered into a civil partnership the basic rule is that if the deceased has children then their surviving spouse or civil partner will receive the deceased’s personal possessions, the first £125,000 of the estate and a “life interest” in half of the rest of the deceased’s estate. At its most basic, a “life-interest” means that the survivor will have use of the assets, but will not own them. The remaining half of the deceased’s estate will be shared equally between the deceased’s children. This includes children from a previous marriage or relationship. If the deceased did not have children, but had a surviving parent(s) or sibling(s) the spouse or civil partner will receive the deceased’s personal possessions, the first £200,000 of the estate plus half of the balance of the estate with the rest shared either between the surviving parent(s) or sibling(s).

From 1 February 2009 the amount payable to the surviving spouse or civil partner will increase. If the deceased leaves a spouse or civil partner and children the increase will be from £125,000 to £250,000. In some other cases the increase will be from £250,000 to £450,000. Whilst this will give extra protection to married couples and civil partners it also highlights how important it is for everyone to make arrangements for their loved ones in the event of their deaths. Time for action?