A Last Will and Testament is a legal document dictating how you, the testator, want your assets to be distributed after you die.  If you die without a Will, your assets will be distributed according to state statute, also known as the laws of intestacy.  For example, in New York State, if you die with a surviving spouse and children, your spouse will receive the first $50,000 of your estate and then one-half of the balance.  The remainder will be distributed equally amongst your children. This is not ideal for someone who wants all their assets to go to their surviving spouse or owns a business. The Will has functions other than just listing the distribution of assets upon death, such as: Creating a testamentary trust for minor children and thus avoiding court intervention. A will can also distribute assets that are received after your death, such as tax refunds or an inheritance from another estate.  Creating a trust to protect beneficiaries from creditors and divorce. A Will allows the creator to waive any bond that the executor would otherwise have to pay in order to administer the estate. Depending on the size of the estate, the bond may have a large annual premium which will be paid out of the assets of the estate.