How old are your children? Are they minors? Do you trust them to spend the money wisely? Will they get along? What of they do not get along? Who will be in charge of the real estate? What if one wants to sell and another wants to hold on to it? Nothing will happen if they cannot agree. Who will pay the funeral expenses, medical bills, other debts? Who will pay the real estate taxes on the house? What happens if one child predeceases you? If your children have children, would you want the share of a deceased child to go to their children or to your other children? What if one ends up with a large debt so that everything you leave them will just end up in a creditor's hands? If any of these questions or others raise concerns, you need a Will.
Answered on Feb 26th, 2013 at 5:10 PM