You don't have to be rich to make a will

So why do we put off making our wills? We all know we should make one, but few of us do statistics suggest that only about a third of people who ought to have a will have actually got round to completing one.

The reasons people 'forget' about wills are many and varied. For most people it's not so much thinking about their death, but the prospect of having to decide who gets what and how much that puts them off.

It's certain, however, that making a will doesn't make it more likely that you're going to die!.

And you don't need to be rich to show that you care about those you will eventually leave behind.

You may wonder why you need a will. Perhaps you assume that everything you own will go to your husband, wife or partner, or perhaps you believe you have nothing to leave anyway.

Well, there are two surprises in store. The fact is that without a will the law says who gets what and your property might not automatically transfer to those who you would wish to receive it. And secondly, what you own is likely to be worth more than you think, because most people undervalue their possessions.

The purpose of having a will is so that you can choose who, among your friends and relatives is to get what.

If you do not make a will, the law decides for you. Without a will, you cannot leave anything you own to an unmarried partner, or to a friend or to a charity.

For many people this is exactly what they would like to do and with a will ensuring that it happens is very easy. After a chat explaining your wishes to a solicitor your personalised document will be prepared for you to sign. It's that easy and the cost is usually modest and very little for peace of mind.

Wills can do much more than this, however. If you are a tax payer, a will can be a tax saving device; if your affairs are complicated, you can give your executors (the people who will look after things after your death) special powers which will enable them to carry out their task more efficiently than the powers given to them by the general law.

Your solicitor knows all about these points and will be happy to guide you through them to help you make the right decisions. And remember your will is not cast in stone. You can change your mind about what you have said the next day if you want to, in fact you should review your will after two to five years, and always after a major event such as marriage (marriage revokes an ordinary will), childbirth or inheriting a substantial sum of money.

Six reasons you should make a will.

To ensure that everything you own and have worked hard for ends up in the right hands.

Because you are worth more than you think. Add up the value of everything you own, such as your house and contents, car, insurance policies, saving accounts the total is probably more than you realise.

If you die without making a will, all your money, property and possessions will be divided by law without regard for your personal wishes or intentions. Don't assume that everything will automatically go to your partner.

Not leaving a will could create problems for your family at a time when they don't need any further worry.

If you have children particularly if your are separated or unmarried a will is important to ensure their welfare. You can name the person you would like to act as your children's guardian (Only two in five parents have made a will, according to a Gallup survey commissioned by the Law Society).

By making a will you can limit the tax burden and ensure your favourite charity benefits.

Six simple steps before making a will.

Before you see your solicitor, list what you have to leave house and contents, car, insurance policies, savings etc.

Consider who you would like to provide for and in what way.

Consider whether you would like to leave your money 'in trust' for children or grandchildren until they are grown up and at what age you think they should inherit.

Decide who you would like to receive your sentimental belongings. They may be of little financial value but you can pass them onto someone you know will appreciate them.

Consider whether you would like to leave some money to charity (this can minimise tax liability).

Choose an executor to 'wind up your affairs'. This could be your solicitor who has the knowledge and experience to make sure your wishes are fulfilled.