My parents are in their 80s and have a fully paid off house as a principle residence. Both of their names are on the house but mine is not. I'm the only child and their intention is to leave it to me when they pass but for some reason they don't think they need or want a will given that it's just me. Dad does have a brother in the US and my mother has siblings in Canada and other locations. What happens when they pass in terms of the house? Is it better to get my name put on the house now? They are willing to do that. If so, what are the tax implications? I also own my house but have a substantial mortgage on it. I'm financially stable for now but who knows what happens with an upcoming recession or mortgage renewal etc. If I'm on their house and I lose mine, what are the implications to the other property? (I feel like a moron for asking these questions so I maybe I should have posted in moronic mondays?)

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Edit: Thanks for all the advice and the personal accounts. Looks like the universe listened but I wish it would have taken a different route. My father was involved in a car accident and the car is totaled but he is fine. Wasn't his fault, but it was serious enough to shake him up pretty good. I used the incident to talk about what would have happened if things would have been worse. Mom has always been willing to do a will and now Dad is asking me to download a template so he can figure out what questions will be asked.

They are both going to do wills!!! Thank you everyone!!!