A will is important to have, as it allows you to communicate your wishes clearly and precisely. It is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children.
Without a will, the state decides how to distribute your assets. The resulting settlement process may not produce the results that you would prefer for your survivors. You can prevent this from happening by having documents drafted that reflect your wishes.
Generally speaking, an asset that allows the owner to name a beneficiary will not have to go through a lengthy legal process called probate court. Having a will in place before death can alleviate months, even years of court proceedings and save money for the beneficiaries.