A Will is a device that tells the world after your death who you want to raise your minor children and who gets your assets. If you die without a Will, intestacy laws direct a judge to decide who gets what, without regards to your wishes or the needs of your heirs. Without a Will, the intestacy laws state your assets will go to your surviving spouse. If your spouse has already passed, the assets go equally to your children.
However, if you have children from a prior relationship, your surviving spouse will only get a certain sum of your assets (now set at $75,000) and everything else will be divided equally between your surviving spouse and your children from the prior relationship. Most second marriage spouses do not like this division. The only way to change it is with a Will.
Making a Will is especially important for people with young children. A Will names a guardian for your children when both parents die. Without a Will, a judge will decide who will raise your children.
You may amend or revoke your Will at any time as long as you remain mentally competent. It is a good idea to review your Will periodically, especially if you remarry after a divorce or the death of your spouse.