A will is a device that lets you tell the world whom you want to get your assets. Die without one, and the state decides who gets what, without regard to your wishes or your heirs' needs.
So-called intestacy laws vary considerably from state to state. In general, though, if you die and leave a spouse and kids, your assets will be split between your surviving mate and children. If you're single with no children, then the state is likely to decide who among your blood relatives will inherit your estate.
Making a will is especially important for people with young children, because wills are the best way to transfer guardianship of minors...
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http://money.cnn.com/magazines/moneymag/money101/lesson21/index3.htm
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