What happens when that day comes?

wannabe_a_saver

Keep_pedalling said:

Death is not the only thing to consider. You would be wise to set up lasting powers of attorney as well to cover one of you being incapacitated through illness or accident.

Yes, absolutely this, good idea to do it in conjunction with a will. 

RetSol

I paid/donated £150 for a pair of mirror wills for me and the wife. This was a few years ago, I think it's more now, but still represents a good saving.

The cost of using the Will Aid scheme (https://www.willaid.org.uk/) is still the same - I've just used it.  

Many charities - particularly hospital charities - will pay the cost of preparing your will in return for a legacy.  It's worth Googling  to see if your local hospital has an associated charity which does this.

If you die without making a will, as you probably know, the intestacy rules apply.  See https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/. 

Aside from settling the destination of the estate, a further reason for making a will is to appoint executors.  You and your spouse may wish to decide who deals with your estate in the event of your deaths rather than leaving it to the intestacy rules to determine.