Should you have a will?

You may not have a bank account to match the King of Pop, but that doesn’t mean you shouldn’t put together a will.

1) Who should draft a will

You may not think you own a lot, but you may own more than you think - especially if you own a home, car or even a baseball card collection. And that means you're a good candidate for making a will.

Generally, if you have property or money that you want to direct to another person, you should make a will. If you don't have one when you die, the state you live in will decide who gets what.

What typically happens if you don't have a will, your spouse will get up to half of your assets and your kids will get the rest. Making out a will helps to ensure your property is transferred to the right person. And it might help you avoid some nasty family squabbles.

2) How to draft a will

If your estate plans aren’t too complicated, let's say you have a modest home, don’t have stepchildren, and don’t own a business, you can generally make out your will through an online program. It will cost you about $70.

But, if your situation is more complicated, say you have a vacation home or you’ve remarried, you may consider looking for a lawyer who specializes in estate planning. Keep in mind, going to a lawyer can be expensive. Generally it costs about $600 to $1000 per will, sometimes more.

3) Update your will

Anytime you have a life-changing event, you should consider revisiting your will. If you get divorced, remarry, have children, buy a vacation home - all these are indicators you should have your will updated. And don’t keep your will secret. Make sure your family knows where to find the latest copy. And keep your will in a fireproof lock box.

For more of Gerri's Top Tips watch CNN weekdays at 11:20 am Eastern Time.