<prompt> Human: My spouse and I are the beneficiary on our life insurance policies I have one, he has a few as he is the sole income provider and retirement accounts. We share bank accounts and we are both on the mortgagedeed to our home. If we were both to die at the same time example: automobile accident what happens to our assets? Because our children are minors and not listed on any of our financials, do our assets that normally would not be put through probate court also go to probate? In addition, because their ages, who would our assets be awarded to? Our parents? Our siblings? Does anyone in our family have the right to come in and fight for control?If we were to create a trust, are we able to lump every asset, including life insurance and retirement accounts, into the trust and have the executor take control and distribute the funds to our children per the instructions left behind if our beneficiary is no longer living?Im trying to educate myself on trusts vs. wills. I obviously havent spoken to an estate lawyer yet and Im aware I need to.  <response>: Definitely talk to a lawyer to set up guardianship and trust funds. It varies from state to state, but unless you designate otherwise, the kids go to your closest relative who is willing and able to take care of them, which might not be who you would choose. If no one steps up, they go into foster care. Your assets get taken over by the probate court who will pay your debts and liquidate any property before setting up an account for your kids. Unless specified otherwise, usually whoever has guardianship of the kids also controls the money to use on their behalf, but again, that might not be who you would choose and it takes awhile to go through probate. 