You guys need to do this, especially a living trust if you have any real property or rights to real property. Having a will IS NOT enough.
You need a
- durable power of attorney
- Revocable Living Trust
- A living will
- A Will
- and a few more things as safeguards. I can't remember all of them but someone here has to know some more info about these. I need to set all these up. I live in a community property state so I know I'm missing something.
If you do not have a living trust and other safe guards, probate will eat up 6% - 15% of your estate.