If you do not have a Will or a Trust and have not used other probate-avoiding techniques, upon your death your assets will pass according to the laws of the state which has jurisdiction over your assets. The “state plan” may not provide for those you desire to obtain your assets, and if it does, often presents several of the following problems:

• Higher estate taxes
• Additional inconvenience and expense (probate expenses can run from 2 1/2% to 5% and more of the value of the assets)
• Necessity of guardianship for assets inherited by minor children with rules probably not designed to accomplish your goals