There are few legal matters more subject to misconceptions than what happens to your estate when you die. Many people believe they do not need to make a will because the money and other assets will all be automatically inherited by their next-of-kin, with wills simply being for those who want to make unusual or complex arrangements.

However, the reality is very different, something highlighted by financial expert Martin Lewis, the founder of Money Saving Expert. This is why you need will solicitors to help draw up a will for you.

The Sheffield Star listed the seven crucial benefits of writing a will that Mr Lewis outlined, many of which may apply to you and your loved ones.

Vital Steps To Take

Notably, an unmarried partner will not automatically inherit money and property in the way a spouse would, which could lead to other family members getting these things instead, which may not be what you would have wanted.

Indeed, making a will is the only way to be sure everyone you want to inherit something will do so, as well as excluding anyone you don’t want to get anything, such as someone you have become estranged from.

Without arrangements in a will, your partner may have to move out of a shared home and may also no longer be able to count on financial help if they are dependent on you.

If you have children under the age of 18, their future care is another issue that is not secured without a will. By making a will, you can appoint guardians who would take care of your children, instead of it being left to the courts to decide.

Minimising inheritance tax is another important step for anyone with assets worth more than £325,000. This can be done in various ways, such as leaving things to your spouse, who will be exempt from the tax.

Those who own property as tenants in common need this covered in a will, because the other owner will not automatically inherit your share. If this is left to them in your will, however, that will be assured.

Another consideration is your funeral wishes, which can and should be included in your will if you have some specific instructions on the kind of service you want, whether you are buried or cremated, as well as where your remains should be interred.

Stay Up To Date

Finally, if you do make a will, you need to update it when circumstances change. This includes when your children reach 18 (when guardianship issues no longer apply), if you get divorced, remarried (which invalidates a will anywhere in the UK except Scotland), have children, somebody dies, or your financial situation dramatically changes.

A key statistic was that over half of Britons have no will, or a will that has not been updated. This is a major issue because that means the issues above will go unresolved whenever someone dies intestate or with a will that is no longer legally valid.

A survey by Will Aid last year found just how widespread the misconceptions are over inheritance law in the UK, with  68 per cent of cohabitees unaware of the implications of dying intestate. Among the findings was that a third of people believed that their estate would automatically pass to their partner.

Don’t make the same mistake they do.