Last Will and Testament
The law does not require you to leave assets to family with the exception of a spouse. Thus, if it is your intention to designate where and how assets are distributed then a Will is essential.
Wills do not only address financial issues.
Who will care for your children in the event of death?
Your will designates who you have chosen as a guardian to care for your minor children upon your death. This can be a scary thought but wouldn't you prefer to choose who you want to care for your children as opposed to having family members fight over such an issue or worse, having a court dictate the same?