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Living Trust

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What is the name of your state (only U.S. law)? Florida

My mother has terminal cancer and she has no will. She probably has weeks only to live. Is it too late to setup a living trust to avoid probate?
 


anteater

Senior Member
It is possible if she is still mentally competent to do so. But getting assets re-titled in that short a period of time will be a lot of work.

What is the extent of her assets? Why does she wish to avoid probate?
 
House

A house with an underwater mortgage. A paid off car. My car loan is under her name. That car is worth retail about what is owed but of course the bank would wholesale it away for less if they took it back. She has 2 life insurances $35000 with my self and sister get in equal shares. She also has an non Roth IRA with $7000 in it.


Thanks for replying
 

anteater

Senior Member
If the life insurance policies and the IRA have named beneficiaries, they are not probate assets.

Creating a living trust for an underwater house and a couple cars does not seem worth it.
 
Car

One car is owned free and clear the other I bought in her name because my credit was too poor at the time. What are my options. If the bank takes it there wil surely be a loan deffiency. Can the bank come after life insurance payouts ? :confused:
 

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