What exactly is probate? My 96 year old mother is obsessing about probate. She told me when she dies, she didn’t want her will to go through probate.
I have POA and I am executrix of her will. She has a house in her name and her checking account is in both of our names. Her house is in her name only.
Does her will have to go through probate and exactly what does that mean?
My mother is obsessing over it. She wants me to call the attorney and ask him.
Pay for an hour of a trust and estate attorney's time, and determine whether it's worth it to put her home in a trust or just deal with it through her will.
Also, you can't just sell her house to pay for her care if you don't have a durable power of attorney, so a lawyer will also make sure you have that in order as well.
If she wants to disinherit your brother, there is a way to do that legitimately in her will. She needs to call her lawyer.
If she wants to avoid probate and avoid having the estate pay for a probate attorney, she needs to set that up now. She needs to call her lawyer.
When she attempts to draw you into this drama, give her the lawyer's number and refuse further discussion.
Real estate is more complicated to set up in a trust that liquid assets.
Generally speaking, any assets that have to be transferred from one name to another, such as a house, have to go through probate.
When my father died, many years ago, his estate had to go through probate, even though the assets were held jointly with my mother, in order to remove his name from the property. The lawyer wanted 10% of ALL the assets, life insurance, savings accounts, stocks, etc., including the value of the house. My mom found a different lawyer who charged her by the hour, and my mom did most of the legwork. Saved her thousands of dollars.
So yes, it can be expensive. But the alternative, placing the assets in a living revocable trust, will be costly as well as time consuming.
I also know that if something happens to my mother that I will have to sell her house to pay for her care. I’m fine with that.
I just have been putting it off because the answer isn’t going to be what my mother wants to hear.
She left out my brother out of her will.
Then she should have a trust, if her estate is large enough to warrant one.
Is there a reason that you don't want to call her lawyer, on her dime, so to say?
I think the thing is to find out "mom, why are you worried about probate? What do you fear might happen?".
Maybe there is a rogue relative who might challenge the will if it is public?