What happens if you do not have a will or trust?
If you don’t have a will or a trust, the laws of intestate succession are going to determine who gets your assets. There’s a pecking order. If you have a spouse, it usually goes to the spouse. If you have children, it could drop down to children. The problem of not having a will or a trust is you don’t dictate the terms. Sometimes children inherit assets before you want them to, and certainly in today’s age with blended families, there could be a lot of issues if you don’t plan properly.
