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 laws of intestacy. A will also enables parents to nominate guardians for their minor children in the event of their untimely death.
Writing a will is less complicated and less expensive than you might think. In fact, without a will, your state’s law will determine what happens to your property and assets 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. Only if you don’t have any relatives will your property and assets potentially get turned over to the state, a process called "escheating."