A. For parents with young children, if you die without a will, the following decisions will be made by some strangers - who to raise your children? Who to manage your assets for your children's care?
Basically, if you die without a will, the state in which you live will provide one for you. This means you give up the opportunity to distribute your assets as you want; you just hired the state to figure it out for you, and chances are all your assets may not pass to your spouse and children.
It doesn't have to be hard to develop an estate plan, just get these three things done and you will be in good shape.