Having a will ensures money passes to correct inheritors

Making a will is essential for those who want to influence what happens to their estate after they die, a financial expert has advised.

David Kuo, head of finance at Fool.co.uk, said that there are a number of misunderstandings concerning estate planning and added that, contrary to popular belief, if someone dies without having a will their property does not automatically pass into the possession of their spouse.

He commented: "There are some things you should not scrimp on, and drawing up a will is definitely one of them.

"Almost certainly anyone who has children and has more than £125,000 in assets should draw up a will," Mr Kuo added.

Solicitors in Northern Ireland can help draw up wills and explain the consequences of dying inestate.

Recent research from Barclay's Wealth found that two-thirds of Britons have no will.

This figure rises to 97 per cent of people aged between 18 and 24.

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