What if you don’t have a will or trust?T IF YOU DON’T HAVE A WILL OR A TRUST?
No problem, as long as you don’t die.
If you do die—no, when you do die—your loved ones will soon find that by not taking action, you have left their inheritance up to the state.
Let’s say you own your house, which was part of your divorce settlement, in your own name. Since divorcing, you’ve remarried and are hopelessly in love with your new hubby. Still, because of the terrible divorce you went through, you feel a little safer keeping the house in just your name. Your two children from your first marriage have never liked the idea that you remarried, and even though they’re grown, they’re extremely possessive of the house they grew up in. If anything were to happen to you, you would want your new husband to be able to stay in the house for as long as he likes, then title would transfer to your kids. But you haven’t got around to creating a will or a trust.