There are two main reasons, according to Mr Stokes.
1. Avoid delays. When someone dies there's an obligation to search for a will, including advertising in legal publications. Family may have to wait at least six weeks before they can apply to the court for administration of the estate. In the meantime there are funeral costs to be paid and the deceased's bank accounts will be frozen. If there's a will, and people know where to find it, that financial hardship can be avoided.
2. Without a will it's the law, not you or your family, that dictates what happens to your estate. For example, if someone with a partner and children dies the first $155,000 and personal chattels will go to their partner. The partner then gets one third of the balance and the children the other two thirds. If they don't have children but do have a surviving parent or parents, it's the same situation except the partner gets two thirds of the balance and the parents the other third.
"That's often the biggest shock," Mr Stokes said. "People mostly expect to have to share with children but if the partner has no children the parents will share the estate with you."
What should go in a will?
Obviously, who will get your money and assets as well as any sentimental items. You can also use your will to appoint a guardian for your children and record your burial wishes, for example, whether you want to be cremated or buried. You should also specify the executor of your will.
How do I make a will?
There's nothing to stop you from doing it yourself, but be aware of the technicalities around signing rights and wording.
"I wouldn't advise it," Mr Stokes said. "The chances of the average person getting it wrong is high and could mean it's invalid or there will be extra cost getting it validated by the court."
To have it drawn up professionally, contact your lawyer or a trustee company such as Public Trust, Guardian Trust, Perpetual Trustees or Trustee Executors.
How much will it cost?
To give you an idea - from July 1, Public Trust began charging to make a will - $195 per person or $345 for a couple (if made at the same time) if the Public Trust is appointed executor or $295/$395 if they are not. There will also be administration costs to pay the executor after the death, which will depend largely on the will's complexity.
Despite the costs, Mr Stokes recommends getting it done properly.
"That document is disposing of assets that could be worth hundreds of thousands of dollars or millions in some cases," he said.
"You need to make sure it's done right."
When should I update it?
Whenever there's a major change in your life circumstances, such as the birth of a child, the start or end of a relationship and upon acquisition of major assets. Or if you just change your mind about who gets what. Also remember that marriage usually revokes an existing will - so you'll need to re-do it when you get hitched.
How often are wills challenged?
Quite often, according to Mr Stokes. He said problems usually arise when parents leave one child out of the will or leave unequal amounts to their children. To prevent families being torn apart, he encourages people to talk with their families about how they intend to leave things when they die.
"There can be a good reason for what they are doing - sometimes one child may be earning more than the other and they just want to help that child out," he said. "However if they don't talk about it it can spoil the relationship between those siblings forever."
Final advice?
While ultimately it's up to you what to do with your worldly goods, it pays to think carefully about the effect your will could have on those left behind.
"We always say to people they need to remember their will is a lasting legacy," Mr Stokes said. "It's your last statement to your family and often how they will remember you."