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.

This is shown once again this week by research by insurer and pension provider Canada Life, which showed that half of the British do not have one.

The most common reason, it turned out, was that people didn’t think they had enough money to figure out what would happen to it when they were gone.

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

I’m in my early 30s, single, homeless, and have no children—but after reading our story, I’ve decided to put making a will at the top of my financial to-do list. This is why:

Most of my money is in savings, which I build up for a home deposit – and while it’s not an insignificant amount, in the grand scheme of things it’s not much to brag about.

If I were to die, I would certainly be leaving much less than someone who owned a typical British home, now worth nearly £300,000, according to the Office for National Statistics.

But that doesn’t mean I shouldn’t explain what happens to that money, and the handful of other valuables I own, when I’m gone.

No doubt it is even more important for me to do it. This is because the legal rules of inheritance – which determine what happens to someone’s money and property when they die and there is no will – are increasingly losing touch with modern life.

If I were to die tomorrow, the person most in need of my savings would be my partner, who—in addition to undoubtedly beginning a life of inconsolable grief—would be left behind paying our joint bills and rent.

But since we are not married, the law wants the money to be given to my parents. Although I love my mom and dad, my partner would need the money more because he is the person who has only one income and has to pay the bills.

Other single people may want their money or property to go to a sibling, friend, or younger family.

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

But contrary to popular belief, wills are not just about money. Creating it is also vital for parents of young children, for example, as they can use it to appoint someone they trust to become their guardian.

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

Couples who are separated but not officially divorced may also consider making or updating a will as a priority. Even if you don’t believe in an afterlife, I tend to think that handing over your savings to your ex-partner still hurts in some way.

A will is also the place to highlight what assets you have and where to find them – to save the people closest to you from red tape at a very difficult time. You must also appoint at least one executor.

While making a will may not be much fun, the good news is that it can be relatively inexpensive. 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 store and picking up a “make a will” package is better than nothing as long as you make sure the document is properly checked when you sign it.

Those with complicated finances, who may have many different assets and investments, should instruct a lawyer – but many offer special cheap deals for making wills, meaning that even this won’t necessarily break the bank.

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