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Benjamin Franklin bequeathed $55,000 in 2010 Dollars to each of the cities of Boston and Philadelphia, in trust to gather interest for 200 years. As of 1990, more than $2,000,000 had accumulated in Franklin's Philadelphia trust, which had loaned the money to local residents. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund accumulated almost $5,000,000 during that same time; at the end of its first 100 years a portion was allocated to help establish a trade school that became the Franklin Institute of Boston and the whole fund was later dedicated to supporting this institute.

Making a Will is the only sure way to guarantee that your wishes are carried out when you die and that you avoid leaving problems and disputes for others to sort out. Yet few people in the UK have a Will - including the over 50s who should be wise enough to know better.

Ongoing research shows that around 70% of adults in the UK do not have a Will. This is a shocking revelation and quite inexplicable when you look at the issues and difficulties which arise when people die intestate (legal jargon for not having a Will).

For the over 50s, the situation is even more perplexing. Like it or not, we are now entering a time of our lives when our statistical chances of dying, and the likelihood of sudden death both become much higher.

So although in the best case scenario we may have several more decades of life ahead of us, we may not. Hence why we need to be realistic and sort out our legal and financial affairs.

Myths and misconceptions

Anecdotal evidence tends to show that people don't like to think about Wills because somehow they feel that if they make a Will it will magically increase their likelihood of dying. Even the most superstitious should realise that there's no way this can be true.

On the other hand, as most people are caring and concerned partners, parents, grandparents and friends you would think they would want to save their loved ones the heartache, grief, uncertainty and conflict that can arise when someone dies without a Will.

Other reasons that people quote for not having a Will is that "I haven't got much, so I don't need one", and "It'll all go to my wife/husband anyway, so I needn't bother". Neither of these is a sound or accurate reason. No matter how little you think you have (and it can often add up to more than you might think) it will need sorting out on some basis, and even if you have been happily married for many years, not everything will automatically go to your spouse if you don't have a Will.

The legal system is very complex and although you may believe your affairs are very straightforward, there may be all sorts of factors that will need taking into account, possibly leading to a situation where, without a Will, your nearest and dearest are not left as well-provided for as you had wished after you die.

Things may be even more complex if your family situation is at all complicated, for example if you live with a long-term partner (of either sex) rather than a spouse.

Practical steps to take

In the overall scheme of things, drawing up a Will is not expensive.

It is possible to write a DIY Will, but again, these can often turn out to have been badly written or unclear, so it really is an area in which you would be best advised to seek professional advice.

Before you do so, take the time to draw up an up-to-date and detailed list of all your assets and liabilities (including those that you may have jointly with your partner or spouse, such as home ownership).

Find out all the relevant paperwork and put it in a file.

Then think long and hard, for as much time as it takes, about what you want to happen to your assets when you pass on, bearing in mind that such a situation may not occur for some years. Make sure you think through the possibilities. For example, if you want to leave everything to your spouse, what will happen if you die at the same time (unlikely but possible)?

Other questions concern the role of partners and spouses of children or grandchildren, future relationship breakdowns, bequests to friends or charitable institutions, and much, much more.

This is where having a professional adviser will help. They know all the questions to ask you and all the avenues you will need to consider. This includes recommending trusts where appropriate, to protect your assets for the generations to whom you leave behind.

Here's what new delegate Susan Boone had to say after attending yesterday's course...

"I really enjoyed the day. Pace was suitable for all delegates. Material was kept on quite simplistic and easy to understand level. Plenty of time to ask questions. Reassurance particularly for myself as I am on a big learning curve. Offer to revisit on another course at Asset cost. Nice lunch too!"

It makes sense to make a Will. Most of us realise that, but actually getting around to it seems such a hassle. How much thought went in these "Wills with a difference"?

The famous magician and escapologist, Harry Houdini, couldn't escape death. Having died from a burst appendix, one of his biggest surprises came with the reading of his Will. His magicians equipment went to his former partner Theodore, who was also his brother. His magical powers didn't work on the next item - his considerable library of books on magic and the occult. He left these to the American Society for Psychical Research, but only on the condition that their research officer J Malcolm Bird, who also was the editor of their journal, resigned. The collection passed to the Library of Congress.

The rabbits that he used in his act came out of their hats and were divided around the children of friends. Continuing the odd theme, he left his wife ten words, which formed a secret code, with the promise that he would use these words to reach her from the afterlife. Each year for ten years, following his death, she faithfully held seances, but Harry never made contact.

Rock and blues singer Janis Joplin had a brief but memorable career. She recorded several rock classics and four albums, including "To Love Somebody" and "Me and Bobby McGee". After years of drug and drinks, she passed away from an overdose, aged 27. Two days prior to her death in 1970 she willed the figure of $2,500 to fund an all night party at her favourite pub so that her friends could "get blasted after I'm gone." It must have been some party - that was an appreciable amount of money back in 1970.

We've all heard of people that, unexpectedly, donate all their money to the cats' home, much to the dismay of their family. Lots of family feuds start when a Will is read. As long as the person who made the Will is of a sound mind and not under duress when the Will is made, it's their choice and can be seen as a gesture of their individuality.

Quirks apart, if you die without leaving a Will, the people whom you would wish to inherit will not necessarily be the ones that do so. You could have a partner of several years, but if you're not married or in a legal partnership, he or she won't get your estate, whatever your intentions and promises were. This can be sad when it's not clearly understood and can cause devastating financial consequences.