Where will your money end up?

With more than 30 million Brits without a will there is no telling what will happen to the billions of pounds in assets when they die.

More than 30 million Brits don't have a will, research from Unbiased.co.uk reveals. However, 92% of people say they know who they want to receive their assets when they pass away.

And that means there's a problem, because unless you do something about it, your money could end up somewhere you really don't want it to go.

Let's face it, no one really likes the idea of creating a will because it's an unfriendly reminder you won't be around forever. The reality is that if you die without having made one, your loved ones may get nothing.

The research also indicated nine out of ten people under 35 don't have a will, this falls to two thirds for those aged between 35 and 54 and over a third of Brits over 55.

More worryingly, 70% of Brits with children under 18 don't have a will in place. Under current rules, children who aren't named in a will are only entitled to an inheritance if there is no surviving spouse or if the deceased's estate is worth more than £250,000.

Why the hesitation?

Apparently, 36% of people say that they haven't got around to it and 8% reveal that the idea never occurred to them. Another 18% don't think that they have anything of value to leave behind.

Perhaps you think your possessions will go to your family by default - but what you might not realise is that if you were to die intestate, the government will determine who receives what and potentially 100% of your assets can go to the government if you have no next of kin.

Your possessions would be distributed according to strictly defined legal rules, potentially subjecting your family and loved ones to financial hardship at a time when they are already vulnerable.

A will gives you the opportunity to distribute your assets and possessions according to your wishes avoiding confusion and potential conflict between family and loved ones.

You may wish a family heirloom such as a watch to pass to a child, but without a will all possessions pass to a spouse who may not know your wishes. Furthermore, an unmarried life partner would get nothing and everything you own could go to the state.

What you should include

Take into consideration the amount of all your debts including mortgages, loans and credit card accounts.

Create a list of assets such as savings accounts, investments, life insurance policies, collectibles and other personal properties — spell out specifically how you want your possessions distributed.

Take an inventory and prioritise. Figure out exactly how much money and what property you may have, who you would like to benefit from your will, who will look after your children if they are under the age of 18 and who will be the will's executor.

Appoint an executor

An executor is the person responsible for passing on your estate. You can appoint an executor by naming them in your will but courts can also appoint other people to be responsible for doing this job.