In the video, Alexandra Bartrope explains that sorting out a Will is something many people put off, only facing the question at certain trigger points in their lives, for example at the birth of a child, the purchase of a property, marriage or a recent bereavement. Some people simply keep putting off the moment until it is too late.
Apart from the question of what happens to your property and guardianship of any children in the event of your death, your inheritance tax position should be reviewed and discussed when making a Will in an attempt to limit any tax bill which may be payable on death. A recent report by Prudential indicated that the average inheritance tax bill in London was £234,000 in 2010-11.
The video includes useful information about your digital assets. Remember your executor can access paper bank records but will not be able to access your online accounts without password information.
To find out more about why you need a Will, what to think about and how to go about it, watch the video here.