If you have a collection of tangible personal property, a house, a savings account, an amazing wine cellar or a handful of expensive watches and no Will, then the State law will decide who will receive all of your property, and it will not matter what you wanted. Moreover, after you pass away, not having a Will is more costly than having one.
If you have minor children and no Will, then the Court will select a guardian for your children regardless of your preferences. Moreover, if you have a child with special needs and no Will, then your inheritance would likely cause them to lose valuable governmental benefits, such as Medicaid.
Everyone should have a Will. However, you also should have a Power of Attorney and an Advance Directive, and you may need some form of Trust as well. There are many different estate planning tools available to protect you, to protect your family, and to transfer your assets efficiently down the generations.
Once your Estate Plan is created, you should also tidy up the details, such as funding Trusts, retitling assets, modifying your beneficiary forms, etc.
An experienced Estate Planning attorney can assist you with creating and implementing your Estate Plan, which should be based on your specific circumstances.
Reference: Robb Report (Nov. 10, 2018) “Rest in Wealth: The Ins and Outs of Estate Planning”