You decide who receives a share of your assets. You decide how and when your beneficiaries will receive their inheritance. The terms and timing are set by law. Your children could be left with unfettered control of a sizable estate. You can reduce estate taxes and administrative expenses.
Costs are usually greater, due to required administrative expenses and unnecessary taxes.
You select a guardian for your child. The court appoints a guardian for your child. You can provide for the orderly continuance or sale of a family business. Financial loss and family hardships may result from an untimely forced sale. If you think wills are only for the rich, you're wrong.