Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust – and dying without either. Here is what will generally happen if you die, intestate (without a will or trust), with a will, and with a revocable living trust (hereinafter trust). For this example, we are assuming you have two children, but no spouse: Intestate . If you die intestate, your accounts and property will go through probate and all the world will know what you owned, what you owed, and who got what. Your mortgage company, car loan company, and credit card companies will all seek payment on balances you owed at the time of your death.  Keep in mind that since your death has been published to alert valid creditors, it is not uncommon for predators (fake creditors) to come forth and make demands for payment – even if they are not owed anything.  ...