Wills are one of the most valuable estate planning tools. It is one of the most cost effective ways to plan and control the distribution of your assets upon your passing. A will is a simple and straightforward document that indicates to whom each of your assets goes and can be drafted to meet your specific needs. A will allows you to decide how your probate will be administered and distributed upon your death. Having a will in place drastically reduces the potential for litigation and the costs involved with a probate member for your family members after you have passed.
If there is no will present upon death it will be left to the court to determine what your intent was, if any, and how to administer those assets pursuant to the applicable state intestacy laws. If the court is unable to locate your beneficiaries and no will exists it is very possible that all of your assets will be claimed by the state.