Having a Last Will and Testament will assure that, at the time of your death, your financial holding and other assets will pass to the beneficiaries which you select. Usually, a Last Will and Testament does name contingent beneficiaries in the event the one or more of the primary beneficiaries are not living at your death.
Another advantage of having a Last Will and Testament is that you can nominate the person whom you wish to serve as executor of your estate. If the person who is the primary nominee is unable to serve as executor, a contingent nominee is usually named in the Last Will and Testament.
If a beneficiary named in the Last Will and Testament is under the age of eighteen, the Last Will and Testament may include trust provisions naming a specific person to serve as trustee of the beneficiary's share until he or she reaches a certain age, which may be eighteen or some higher age.
The cost of having me prepare a Last Will and Testament is insignificant compared to the expense involved if you were to die intestate, thereby causing litigation among your sons and daughters, other relatives, and possibly other acquaintances over their respective shares of your estate.