Estate conjures up a grand house and hundreds of acres. In reality,

on death everyone leaves an estate - what is left after any bills are paid.

What happens to your estate depends on your will - a legal document that:

 Records wishes about funeral arrangementsAppoints people to deal with the estate - the executorsNominates guardians for any minorsSpecifies any gifts for people and charitiesStates how the remainder is to be distributedNames beneficiaries

Your Will can also be used to reduce Inheritance Tax, levied at 40% on chargeable estates above the Nil Rate Band threshold. This concession has not kept pace with rises in property values. Many more people will therefore be liable for the tax, especially on the second death in an unmarried couple, unless special trust clauses are included in their Wills.

If you have no Will, the laws of intestacy will determine who is to administer your estate and how it is to be distributed. This is unlikely to match either the requirements of the survivors or the wishes of the deceased. Whether young, old, single, co-habiting, married, divorced, widowed, wealthy or not so well off it is better and more responsible to have an up to date Will.

The best Wills are drawn up after careful consideration of all personal and financial circumstances. Expert help and advice is essential.