1. Estate planning is very important. Everyone should have a will.

2. In United States you don't have to hire a lawyer to prepare a legal will.

3. Different forms of joint ownership of properties (with rights of survivorship or as tenants in common) serve for different purposes. Be careful to choose the one fit your situation.

4. If your family is not a very complicated one, then the most possible consequence of no will might be the delay in time to obtain the property due to the probate process rather than losing it.

I'm not a legal professional. Correct me if I'm wrong.