Most people should create a last will and testament. A will allows you to provide instructions on what should happen after your passing, including who should inherit money and property that does not pass through other means such as trust administration, joint ownership with rights of survivorship, or pay on death accounts.
While you can and often should use other tools to facilitate the passage of wealth outside of the probate process, having only a last will and testament is much better than having no plans in place and allowing intestacy law to determine what happens to your property. A will can also address any property that you didn’t dispose of through other means, even if you create a more comprehensive estate plan.
To find out more about why you likely need a list will and testament, you can read this article about why you need a will.