It is especially important for people to write a will after they have had children, according to one financial journalist.
Writing for MarketWatch, Ruth Mantell acknowledged that thinking about death after bringing new life into the world is tough.
But she insisted that writing a will is more important than ever once there are children to think about, as this will ensure they are taken care of should the worst happen.
"As unpleasant as estate planning can be, it's better than leaving important decisions to a judge," she remarked.
In addition to setting out how savings and other assets should be distributed, a will also allows parents to choose a guardian for their children in the event of their death.
"A will lets you continue to parent even after you're gone, though obviously in a removed way," she explained.
By writing a will, families can also minimise their inheritance tax liabilities through the use of trusts, gifts and other measures.
Published on: April 22, 2010