This is something we really need to do too. Though it'll probably have to wait til we're back in Ireland, as we're living abroad now, and I don't fancy the legal complications of having to make a will here. I'd rather wait a month or two til I can talk to a lawyer at home.
The other reason for waiting is that we haven't really decided what to do about this yet. As DH and I are married, my understanding is that we would each automatically inherit what the other has/owns (which isn't much) and obviously we would have custody of DD. And there have only been 2 times so far in DD's life when neither DH nor I were with her, for a couple of hours, so I'm not terribly concerned about something happening to both of us but not her (does that even make sense?). Basically, right now, there is almost no chance of some freak accident taking out DH and myself, leaving DD an orphan, so I feel that I have a little more time to think about this.
DH and I have talked about this a few times, but we still don't know who we want to name as guardians. Either my mom or MIL would be great, as they both have similar parenting styles/beliefs to us and would definitely respect our wishes. But MIL lives in England and mom in Ireland, so it wouldn't be easy on either of them if we gave guardianship to the other. I guess we could split it, so that DD spent half her time in one country and half in the other, but that wouldn't really be fair on her either... We also don't feel that it's entirely fair to ask them to take on responsibility for such a young child at their stage of life. We definitely don't want to leave her with either of our fathers, and my brother's just too immature and totally unsuitable for that kind of responsibility. We have thought about asking BIL if he would take her, but he lives in Germany, so that's even worse for the poor grandparents. Also he's never been in a very long-term relationship, and at 40 is still single (I don't think that's a bad thing but it would make his life much more difficult if he were stuck with the responsibility of a young child.)
I just don't know what to do...
But I do believe that it's very important to have this kind of thing properly stated and clear in the event of something awful happening.