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The Unthinkable  (Part 3)   What If There No Will?

Have you thought about the losses you might entail without a Will?

Are both of your names on all of the titles of your possessions? Such as: his car, your car, the boat, the RV, and most importantly, are both of your names on the title of your home?  There are two "sides to this coin."  You may, or may not want your name on all of the titles in the case of your spouses' death. Let us look at both sides in each event.

Not having your name on his car (as an example) would mean that it goes into your husband's estate. You are not responsible for the payments, but it is not legally yours
to do with it as you wish upon his death. If you are allowed Power of Attorney, then you will be able to sell this vehicle for whatever it brings. All material assets with titles that do not have both signatures would be handled the same way and put into an account.
The money in this account will then be divided between yourself and his children.

*Please note that I said IF you are allowed to be the Power of Attorney!  If there are stepchildren they may contest you.

Having your name on titled property will make you responsible for payments. You need to decide which properties you can afford upon his death so that you do not loose money.
It is better to have your name on the titles of property IF you can make payments. It is money separate from the estate properties. HOWEVER, you do NOT want the lenders to take the property and loose any funds that can be gained by not making payments when it could have gone into an estate fund had your name NOT been on the title.

If you do not have a will at this time at least have your husband make a list of household items that he wishes for you to have. Make sure it has his signature.  Even WITH a will, you may not have included household items, and children may contest certain pieces of furniture, or other items without titles,and ask the courts that it be given to them.


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