Do we need a Living Trust?
April 26, 2011 12:31 PM Subscribe
In California, what are the benefits of a Revocable Living Trust and a will?
I'm married and we recently bought a house. We also have a 3-year old. When we bought the house we had the deed recorded as Community Property with Right of Survivorship. We have a few other assets, mostly in the form of vehicles and musical instruments.
Do we need a living trust and/or will (we have neither)?
Specifically, what happens to the house if one or more of us dies without either of those documents in place? I'm confused about how community property works in the event of one spouse dying but am having a hard time wading through all the information online.
Also, what would happen to our daughter if both of us died? We don't have a guardian named anywhere.
If it matters at all, I have life insurance but my husband does not (yet).