I’m in my 30s and don’t own a home – but I still need to make a will writes HELEN CRANE 

Have you made a will?

It’s not something most people like to talk about – or even think about.

That has been proven once again this week in research from the insurer and pension provider, Canada Life, which found that half of Britons do not have one in place.

The most common reason, it found, was that people did not think they had enough money to bother sorting out what would happen to it once they were gone.

Final wishes: A will makes sure your money and other assets go to the people you want them to after you are gone – and that can be especially important for those who aren’t married

For obvious reasons, people tend to think having a will is more important as they get older – but one in three adults aged 55 and over said they had still not taken that step.

I am in my early 30s, unmarried, and don’t own my home or have any children – but after reading our story I have resolved to put making a will at the top of my financial to-do list. Here’s why:

Most of my money is in cash savings, which I am building up towards a house deposit – and while not an insignificant amount, it isn’t much to shout about in the grander scheme of things. 

If I died I would certainly be leaving behind much less than someone who owned a typical UK home, which is now worth almost £300,000 according to the Office for National Statistics.

But that doesn’t mean I shouldn’t set out what happens to that money, and the handful of other valuable things I own, when I am no longer here.

Arguably, it is even more important for me to do it. This is because the legal rules of intestacy – which decide what happens to someone’s money and assets if they die and no will is in place – are increasingly out of touch with modern life.

If I were to die tomorrow, the person most in need of my savings would be my partner, who – as well as no doubt beginning a lifetime of inconsolable mourning – would be left paying our joint bills and rent.

But as we are not married, the law would see the money given to my parents. While I love my Mum and Dad, my partner would need the money more, being the person left with just one income and the bills to cover.

Other unmarried people may wish for their money or assets to go to a sibling, friend or younger relatives.

For those who do have more significant assets to pass on, a will is also a good excuse to start thinking about what would happen to their estate in terms of inheritance tax.

But contrary to what many people believe, wills aren’t just about money. Making one is also vital for the parents of young children, for example, as they can use it to name someone they trust to become their guardian.

This is especially important in the case of single parents – another group often overlooked in the eyes of the law – where that choice might not be immediately obvious.

Couples who are separated, but not officially divorced, may also want to consider making or updating a will as a priority. Even if you don’t believe in an afterlife, I’m inclined to think that your life savings being handed over to your ex-partner would somehow still sting.

A will is also the place to highlight what assets you have, and where to find them – saving the people closest to you from an administrative headache at a very difficult time. You’ll also need to appoint at least one executor.

While making a will might not be much fun, the good news is that it can be relatively cheap. For those whose money matters are relatively straightforward, there are websites where you can make a will for as little as £90.

Even going to your local stationery shop and picking up a ‘make a will’ pack is better than nothing, as long as you make sure to get the document witnessed properly when you are signing it.

Those with complicated finances, who might have lots of different assets and investments, should instruct a solicitor – but many offer special low-fee deals for will-making services which means even this doesn’t necessarily have to break the bank.

As with so many areas of our finances, action is always better than inaction and you can always revisit it later on if things change.

This post first appeared on Dailymail.co.uk