Mother will soon die without a will

[clownshoes]

What is the name of your state? Georgia

My 80 year old mother is terminal but still "in her right mind." She has not done a will as I am the only child. My father deeded her house to me before he died several years ago, so there's only a $10,000 CD (which is in both mine and my mother's name) and her checking account (less than $4,000). However, she is getting an inheritance from her brother, and the first distribution of that is in January (total will be less than $50,000). Her doctor does not believe she'll live very much longer.

Question--do we pay $1,000 for a will (cost is high because a lawyer has to come to her in the nursing home) to be drawn up or will it make that much of a difference? Would there really be that much of a tax burden with so little assets?

Thanks.

 

[Dandy Don]

It is possible that a will may not be needed if the assets have named beneficiaries that allow them to be paid directly to beneficiary and therefore pass outside of probate.

If the $50,000 distribution is going to be put into her checking account, then you need to contact the bank to see how her bank account is set up (did she name anyone as beneficiary--if not, then now is the time to ask her to do so or to put someone else's name on the account as joint co-owner so that when she dies the money automatically passes to them).

DANDY DON IN OKLAHOMA ([email protected])