A Will is a legally binding document directing who will receive the property you own, individually, at your death. Jointly-owned property, property in trust, and property with a designated beneficiary, such as life insurance policies, annuities and retirement assets, are not governed by your Will. If you die without a Will, the Probate Court will distribute your property according to the laws of your state, and the result may be different than what you would have chosen.
There are other important reasons for having a Will. First, a Will gives you the chance to name a Guardian and Conservator for minor or disabled children to ensure that the right person will care for your children after your death.
A Will also gives you the opportunity to name a Personal Representative (sometimes referred to as an Executor), the person who oversees the distribution of your assets at your death. If you have not named a Personal Representative in your Will, the Probate Court will choose one for you, and there is no assurance that the Probate Court will make the best choice.