How does setting up a will work?

A basic will isn't that expensive - about £100 or so. I used Co-op Legal Services for mine. You can do it so that X% goes to so and so, and you can also make specific bequest (e.g. give my PS2 to Steve).

If you're feeling charitable, you could use Will Aid in November - you make a donation to charity (£100 is suggested) and the solicitor does the will for free:

https://www.willaid.org.uk

If you die without a will, your next of kin will get it all (parents).

If you make your own will, it would probably be honoured so long as it's clear and specific, but if you want to be as sure as you can be, it's best to get a solicitor to draw one up for you.

/r/UKPersonalFinance Thread