A Will is the least complex estate planning device and is less complicated and less expensive than you might expect. Having a valid Will ensures that your assets will be distributed on your death according to your wishes and not according to the laws of intestacy. A Will also allows parents to nominate guardians for their minor children in the event of their untimely death. If you die without a Will your assets will be distributed to your heirs by means of “intestate succession.”
Under intestate succession, your property and assets will be distributed to your spouse and children, or, if you don’t have children or a spouse, it will be distributed to your relatives according to state law. If you don’t have any relatives, your property and assets may potentially get turned over to the state, through a process called "escheating."