“It goes by statute. No big deal.”
Every state has its own rules of inheritance in this situation, and your state’s rules might not accord with your wishes. That’s why its important to designate beneficiaries in all financial accounts and have a current will, power of attorney, and medical directive.
Not really. Most give estate to the exact statutory distribution. I understand the exceptions but 70% don’t need a will and they really don’t need a “dying Trust”. Most dont need “death insurance” .