You need to have a will for the following reasons:
Having a will is one of the most elements of estate planning and not having a Will might create lots of difficulties for your beneficiaries while you are not around.
1- If you have a Will, the procedure for assignment of estate trustee would be a lot shorter; but on the other hand, if you do not have a Will, the court should assign estate trustee and this procedure takes a lot longer.
2- If you have a Will, the estate administration procedure will cost your estate a lot less, but if you do not have a Will, the procedure takes much longer, hence it would be more expensive.
3- If you have a Will, you can determine who is your beneficiary and how much would be the beneficiary`s share from your estate; but if you do not have a Will, the law determines who would be your beneficiaries and how much would be their share from your estate.
4- If you have minor children and you have a Will, you can determine who would be the guardian of your children and how you want the chosen guardian to raise your children; but if you do not have a Will, the court would assign a guardian for your minor children.
