I’m 64 and my wife is 62. We have 2 adult children who both get along. I have a life insurance policy for which, after my wife, they are the two equal beneficiaries. And we live in our own house which we own outright. And our retirement account lists my kids as beneficiaries. But we’ve never done a will. Given that we have a relatively simple set of assets, and that the kids are listed as beneficiaries, I’m thinking we save the money and don’t do a will since everything we have will just get passed on to them. Any reason why not?
Yes! A will is important to have. I am not a lawyer, but recently just saw my friend go through this. Her parents died without a will and it was a nightmare for her and her siblings. Depending on the state the rule are different. They had to go through a lot of lawyers, and hard work to transfer assets, deeds, and more. It was an eye open for my wife and I!