Most people don't know the financial consequences of not making a will. It is a fundamental part of financial planning.

If you die Intestate (without a will) you're likely to create expensive legal complications for your grieving family.

In England and Wales, intestacy law states that:

• If you are married with children, your spouse inherits everything up to the value of £125,000, plus personal possessions. Half the rest goes to the children (including illegitimate or adopted children) when they reach the age of 18, with the rest going into trust, and the spouse can earn interest on it, until the spouse's death, after which it goes to the children.
   
• If you are married without children your spouse gets everything up to the value of £200,000 plus personal possessions, with the rest divided between them and certain surviving relatives. 
   
•  If you are unmarried with a partner and die Intestate your partner has no entitlement to your estate under intestacy law. The estate could be divided among your surviving children or blood relatives.

If you have young children and both you and your partner die Intestate the estate is held in trust for the children until they are 18, but there is no guidance as to who should be their legal guardians, and they may end up being taken into care. There are restrictions on how their inheritance can be invested while held in trust.

Second families also create complications, because there is no provision in law for step-children and property is divided between the deceased's own offspring from both marriages. And although a divorce nullifies an existing will, in some circumstances first wives can claim a share of their ex-husband's estates in court.

Since the introduction of the Civil Partnership Act in December 2005 entering into a civil partnership will invalidate an existing will unless it was made in contemplation of the partnership.

We would recommend that you seek advice from a solicitor.

The Financial Services Authority does not regulate Legal advice.