My husband and I are both 30 and 28, and we have two boys ages 5 and 1. In terms of careers, we are just starting out and haven't accumulated much. We do, however, have a substantial trust from my in-laws, that we are more or less saving for our kids (unless we go into some sort of financial emergency). I have a small life insurance policy, which I would like to upgrade, and my husband and kids are named beneficiaries. My husband does not currently have a life insurance policy, but we are looking into that for him. When is the right time to make a will? What is the difference between a living will and just a plain will? If we did not get this done right away, would there be danger of our assets not going to our kids if something were to happen to us?