In a Will, you describe how you would like your property to be distributed after your death. If you die without executing a Will, your property will be distributed according to the terms of the Law of Intestate Succession of the State of Washington. So that you retain control over the disposition of your property after your death, you should execute a Will.
In a Will, you can also establish who should receive your property if your spouse or children predecease you. For example, if your spouse and a child predeceased you, would you want your entire estate to be divided among your surviving children or would you want to make a bequest to one of your grandchildren, to a charitable organization, or to a friend?
If you make a bequest to a beneficiary, you lose control over the property that you bequeath to the beneficiary. If you have concerns about the ability of a beneficiary to properly use the bequest that you made to that beneficiary, you may consider establishing a trust for that beneficiary so that someone else will manage the bequest for the benefit of the beneficiary.
You also need to determine if you have instructed the holder of an asset, like an insurance policy, bank account, or other financial account, to award the asset to a beneficiary after your death. This type of asset is known as a “Non-Probate Asset.” You want to make sure that you have not designated someone, such as a former spouse, to receive a non-probate asset after your death.