If someone dies without a Will, they die ‘intestate’. Being intestate means the laws of the state or territory the person lived in will decide how their estate (their assets and liabilities) is administered. This might mean your assets do not end up with the person you would have chosen.
A person’s assets include their property, investments and belongings that have value, such as a house, car, bank accounts and non-super investments. A person’s liabilities consist of any money they may owe, such as a mortgage or a loan.
Wills can be as simple or as complicated as you wish, but your family will always be better off if you have one.