I agree with the previous attorney's answer, however, you may want to consider a having a revocable living trust to help attain your family's estate planning goals, especially if you have children. In the event that you and your wife pass, your trust can set up a long term plan of taking care of your children, distributing their inheritance according to the provision you set up and avoiding probate. You can also include charitable gifts or contingent beneficiaries should your children predecease or are killed in a common disaster with you.
It would then pass by intestate succession, meaning that it will go to relatives (e.g. parents, sibligns, cousins, uncles, aunts, etc.) in an order determined by the state you are living in at the time of your common passing. You can look up the order for your state, e.g. OH, very easily; websearch "intestate succession." If there are essentially no relatives, it goes to the state itself.
Assuming you want to have some control over where your estate goes and not leave it up to the state, or have it theoretcally go to some relative you hardly know or don't like, amend you will to leave it to family friends and/or some charities you support in the event you and your children don't make it.
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