Q: Why would I need a will or living trust if I only have a debt free home and cars?
A: The reason for a will or a living trust are to make sure that what you want to happen to your property after you die, or if you were to become infirm. The State has a system where your property will pass to your closes relatives if you do not have a will (this is called intestacy), and they try to approximate what most people, with happy families, would want. If you want your property (and by that I mean all property, the house and cars are one thing, but I am almost certain you have other property in the form of bank accounts, pensions, investments, personal property like furniture and jewlery, etc., etc., etc.) to be given to your relatives by the State as described in the intestacy statutes, then you may not need one. But there are other considerations that do along with estate planning, like a medical directive (n case you are too ill to make a decision at the time of your illness and you want to give instructions before that happens), or a durable power of attorney (again in case you are too ill or incapacitated and you need to designate a person to take care of your financial affairs and/or healthcare decisions). Like I said there are a lot of things to consider when planning you estate for the eventuality that you will not live forever.
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