If you do nothing there will be a probate of the estate when he dies. It will be expensive and time consuming.
A living trust is not that expensive and will save time and money in the long run. Consult an estate planning attorney in your area and you will realize they are relatively inexpensive.
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Besides the general advice that is provided, have you considered the possibility of losing the home to uncovered medical or long term care costs? If your goal is to make sure that your and your husband's children end up getting the property you should make sure that you have planned around the issue of uncovered medical and long term care costs as well. Nursing home costs running at about $12,000 per month will eat into the assets quickly. The answer would be either a Will or a trust with a safe harbor trust provided in the isntrument. Upon your husband's death his share of the home will be held by this safe harbor trust which will insulate the assets from uncovered medical costs while allowing the trustee to use the assets for your needs if called for. What seems to be a simple issue is really more than that. See the assistance of a good elder law attorney and you will get good results. Rajiv Nagaich.Ask a similar question