I've done this on a couple of subreddits and it was suggested that I open it up here. I am an attorney who works in estate planning and I wanted to open it up to why you need a will, etc etc etc. Here's my spiel from the other posts:

I wanted to make a pitch to everyone here, since we all have children, to make sure you all have a Last Will and Testament. After some conversations with colleagues and potential clients, I have realized that not everyone thinks about this. However, it is an essential document, not because it would make sure that your children (or your wife/girlfriend/parents) get your money (although check your state's intestacy laws, there could be some wonky things happening), but because you can nominate a guardian of your children. This is the only way for you to make your wishes known in any official way. A letter may, or may not, be accepted by the court, and may, or may not, be found in time. Without any guidance, the court that is handling your estate will go based on its own opinion of the best interests of the child and that will usually mean a sibling of yours or the child's mother, or a parent. If you would prefer your cousin, or best friend, then you need to make that known beforehand. The court would have no way of knowing that otherwise. Without clear direction from the child's parents, there may also be a fight between the various grandparents/aunts & uncles, all trying to get custody for themselves You should also look at standby guardianship forms. This is something at we are starting to develop for our clients and they make temporary appointments (up to 60 days). If you live in some states (TX, FL and others) you may have a revocable living trust. These can be good - I will leave the debate on the usefulness of them to another forum - but they do not answer the guardianship question. For that reason, even with an RLT, you still need a Will. If there are general questions about this, I will answer them. I cannot answer questions about your specific situation, or give advice. Again, my goal is not to get business, but to raise awareness. Too many people with kids but little money don't think that this is important but it is.

TL;DR: If you have kids, you need a Will.

Edit to add: A basic estate plan should include at least the following: Will (all to spouse with testamentary trust for children if spouse predeceases); Power of attorney; Health care proxy/living will

Caveats: 1) I don't want your business; I am doing this because I think estate plans for parents are important. The odds are good that I am not licensed in your state.

2) I will not discuss your specific situation. Along the same lines, nothing I say here is legal advice, and no attorney-client relationship is formed.