WHAT HAPPENS IF I DIE WITHOUT A WILL OR TRUST?
When you die without a Will or Trust, your estate (which is everything you own from real estate to household items) will have to be administered in Court via a process called Probate. In it's simplest of terms, Probate is the Court process of transferring title in assets from a deceased person to a living person. This transfer has many consequences, such as triggering capital gains taxes, reassessments, along with extensive attorneys' fees and Probate costs. There are only two ways to avoid Probate upon your death: (1) you don't have any assets, or (2) you create a Living Trust.