Everyone should make a Will regardless of the value of their assets, age or state of health. The reality however is that in the UK today, only 30% of people take this simple but vital step.

It is only by making a Will that you are able to ensure that your estate is divided according to your wishes. If you die without making a Will it is the law, not you, which directs how your estate should be divided, and the rules on this have not changed for many years.

1. Choose who draws up your Will wisely

You can make your own Will using a DIY kit but this process is full of pitfalls and errors are easy to make. It is advisable to use a solicitor, or at least have a solicitor check the Will that you have drawn up in order to ensure that it will have the effect you want. Contrary to popular belief, under the law everything does not necessarily automatically pass to a wife when her husband dies or vice versa.

2. Appoint your executors carefully

Carrying out your wishes and sorting out your estate is a responsible and demanding job – check that your executor is happy to be appointed.

3. Name a default or reserve executor

If you are married, you will probably want your spouse to be your executor, but don’t appoint them as your sole executor. If you both died together, neither of you would have an executor living. Always appoint a default or reserve in case your spouse is unwilling or unable to act.

4. Appoint guardians

If you are the last living parent and you die leaving children under 18, a guardian will be appointed by the court if you have not specified who this should be in your Will.

5. Appoint reliable trustees

If you are setting up a trust in your Will or if your beneficiaries could be under 18 when you die, you will need to appoint trustees. They will be responsible for managing and investing money or looking after property until it passes to the beneficiaries. Make sure your trustees are people you trust with financial matters – and that they are still young enough so they don’t die before you do.

6. Make specific legacies

Leave special items as a specific legacy to named beneficiaries. Write a memorandum of wishes which specifies who you want your personal effects to be left to. If you own a foreign property, you should also make a Will in the country where it is situated.

7. Make sure you leave a residual legacy

The ‘residue’ is what is left over in your estate after you’ve made any specific legacies. You must specify who this goes to; otherwise you will create a partial intestacy in your Will. In other words, the small gifts and legacies would pass according to the Will, but the residue would be subject to the laws of intestacy.

8. Sign your Will

Sign it in front of two independent witnesses otherwise it will not be valid. A witness cannot be anyone mentioned in the Will or anyone married to anyone mentioned in the Will.

9. Store it safely – and review it each year

Once your Will has been correctly signed and witnessed, store it safely. Keep a copy at home and have your solicitor store the original. Don’t forget to review it every year to consider the effect of any new legislation and changes you personally may want to make to cover any changed circumstances.

10. Mitigate Inheritance Tax (IHT)

Inheritance tax is becoming a burden for many families where the value of an estate exceeds the current £312,000 nil rate band (up to £624,000 for a widow/er whose spouse did not use their nil rate band). Do not leave inheritance tax planning to your Will if you wish to avoid this 40% liability. Where you are able, consider making gifts during your lifetime either directly to your beneficiaries or through a trust to reduce the value of your estate which will be liable to IHT.

It is also quite a simple solution to ensure that pension funds and death in service benefits do not form part of your estate on death but can still be enjoyed by your chosen beneficiaries.