I have read a few financial books recently that emphasize the importance of having a will. Then a week ago I attended a class on Financial Information binders. Here I learned that I should include the original will in my Financial Information binder, and a copy with an attorney/relative/friend. I have now determined that having an up-to-date will is an important part of emergency and financial preparedness. For example, if you are married and have children, and both you and your spouse die, and you have not outlined in a will where you would like your children to go, the children will become wards of the state, and the state will determine where the best place for them to be is. That may be with grandma and grandpa, an aunt and uncle, or foster care. I think that I can determine who could best take care of my children better than a state official(s).
If you do not currently have money available to have a will made, I believe it is something worth saving for. In the mean time, you can write your wishes down, and place them in a location where someone could easily find (such as your Financial Information binder). You should also leave it with another individual, probably the person you request to take care of your children. This document would preferably be typed and notarized (a bank can notarize, usually for a small fee). If you are married, be sure that both you and your spouse sign.
Please note that I am not a lawyer, and am not giving legal advice. The above information is simply my point of view, based on factual information that I have gathered from multiple sources.
More on the Financial Information binder to come, as I create mine.