Is it worth the bother?

Make it, review it, revise it

Here's the sad and stubborn truth about wills: many people who should have a will don't.

And of those prudent people who do have a will, many of them should review or revise it but don't.

Additionally, many individuals who intend to make or review their will leave it until it is too late.

You definitely need a will if you are rich, have young children or step-children (or illegitimate children, even if they are not part of your life. After you are gone, they may surface and stake a claim against your estate). A will is also a must if you own a business, a farm, or property or other assets in a foreign country (Spain, France, Italy and other EU countries are foreign). In general, the more complicated your life, whether commercially or romantically, the more you need a will.

If you want to give a gift to a specific person, a will ensures they will receive it - although they may have to fight for it, as a guitar-maker to the Grateful Dead discovered.

In his long and detailed will, Grateful Dead singer Jerry Garcia (1942-1995) gave "all my guitars made by DOUGLAS ERWIN, to DOUGLAS ERWIN, or to his estate if he predeceases me". Irwin, to spell his name correctly, nevertheless had to sue to obtain the instruments.

The will did not guarantee that Irwin would get the guitars, but it bolstered his case.

If you own a house and do not want it to be sold to pay inheritance tax after you die, the best way to achieve that goal is with a professionally-drafted will. In England and Wales, several thousand houses are sold, often reluctantly, every year to pay inheritance tax. People who die intestate - and their nearest and dearest - are hit the hardest financially.

And if you own a house and want someone to continue living in it after you die, again, a professionally-drafted will addressing that specific issue is essential.

A will is similarly the way to go if you want to give gifts to one or more charities.

Value for money?

If you are rich, you have no excuse for failing to take professional advice. You can afford it.

If you are poor - relatively poor or even downright broke - a will is still advisable.

Suppose you have nothing of value except, say, an expensive fishing rod or pearl necklace, something that your son or daughter would inherit as a matter of course.

You should make a will because your fishing buddy Fred or your maid Marian might claim that you promised the item to them. Fred and Marian may be scheming liars or making an honest mistake. Either way, their claim could lead to a costly and ugly dispute. With a will, arguments are less likely to begin and more easily resolved if they do.

If having a will is a no-brainer when large sums are involved, and advisable when small sums are at stake, a will may also be wise even when money plays little or no role. Many financially struggling young couples have small children, a large mortgage, and no savings to speak of - but excellent reasons for making a will: to name guardians for their children should they die prematurely.

Obviously, the wealthier you are, the more money you will save thanks to expert tax and financial as well as legal advice.

NOTE If you own a second home or have other assets in one or more foreign countries, you may need a separate will for each country.
Each will should be written in conjunction with and refer to your other will(s), and each will should be made in light of the relevant tax and inheritance laws in each country.
  The price of NOT having a separate will can mean that your heirs are landed with huge tax bills, and may not get ownership of the property or other asset.

If you are not well off, your nearest and dearest - your beneficiaries - are probably also not well off. Your modest bequest might make a big difference to their lives. The sooner they receive it, the better - and a will speeds things up.

Everything points to the wisdom of making a will - without delay.