From Moneywise Moms:
It’s tough to think about writing a will. No one wants to consider their own death, let alone the awful idea that you and your spouse would pass away at the same time. But it does happen. I spoke with Rebecca Geller, president of The Geller Law Group, who helped me understand writing a will from a mom’s point-of-view (she’s a mom of two). We talked about some common myths; here’s what I learned:
We don’t need a will since we don’t have any money.
I’ve always felt like “we have no money,” but Rebecca pointed out that when you add up life insurance, retirement accounts, and a house, there are assets to consider in the event of your death. This “estate,” your assets, are what you plan for when writing a will. If you pass away without a will, you will have no say over who receives those assets, which leaves your children and the court system the job of figuring it out. A will is also where you name the guardian of your child(ren). Without your explicit instructions, it is up to a judge to determine who raises your children.