A will can help you accomplish a number of important planning goals. For instance, it allows you to control how your assets are distributed after you pass away. Without a will, your assets will be distributed according to what is known as intestate succession, in accordance with strict guidelines set by the state. What you "would have wanted" is irrelevant to the state. Your assets must be distributed, and the state has devised a formula to do so.
A Will Is a Key Component of Any Estate Plan, but It's Not Enough
Blog Posts, Estate Planning
Excerpt
A will can help you accomplish a number of important planning goals. For instance, it allows you to control how your assets are distributed after you pass away. Without a will, your assets will be distributed according to what is known as intestate succession, in accordance with strict guidelines set by the state. What you "would have wanted" is irrelevant to the state. Your assets must be distributed, and the state has devised a formula to do so.
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