Mom's Cancer - Living Trust or Will?

[jlee-socal]

What is the name of your state? CA

My Mom was just diagnosed with cancer, and we were told that she doesn't have long to live. In short, we were advised to create a Living Trust... to avoid probate. I understand that the trust needs to be 'funded' by changing titles to the grantors as trustees of the trust... is this true? How does this apply to real estate, financial accounts and cars... all of which are titled in both my Mom and Dad's name. How do I do this? Thank you very much!!!

 

[xylene]

In short, we were advised to

Advised to? By whom. Don't take advice from which your family forms an action plan from ANYONE who is not an expert working for you who can help you implement it.

You mom is terminally ill. You suggest she has some significant estate. Your family needs to talk to an experience financial & estate planner immediately.

Are you concerned with shielding moms assets from medical / end of life expenses? That is something that you will need help with.

End of life issues are very difficult and personal, but you need to get past this. Your best options all involve professional assistance. The costs are actually very low, much less even than the value of your own time you would have to spend.

Talking and working with a professional also has the advantage of allowing your family to be free from the stressful burdens of financial planing while you can focus on your families emotional healing and growth.

Best wishes

 

[seniorjudge]

Amen to what xylene said.

This is no time for coffee shop advice or forms you get off the internet.

Ask around and find a good attorney.

 

[lwpat]

You can find a list of certified elder care attorneys on the NAELA website.

 

[jlee-socal]

Thanks All... titles?

If we were to hire an attorney, would we still have to do the mumbo-jumbo of contacting banks, DMV, etc. to change the titles? Thanks in advance!

 

[moburkes]

If we were to hire an attorney, would we still have to do the mumbo-jumbo of contacting banks, DMV, etc. to change the titles? Thanks in advance!

Regardless of what you do, there will be many small details, so yes.

 

[moburkes]

If we were to hire an attorney, would we still have to do the mumbo-jumbo of contacting banks, DMV, etc. to change the titles? Thanks in advance!

Regardless of what you do, there will be many small details, so yes.


The answer doesn't change. YOu forgot to mention insurance companies, by the way.

 

[seniorjudge]

If we were to hire an attorney, would we still have to do the mumbo-jumbo of contacting banks, DMV, etc. to change the titles? Thanks in advance!

It is not mumbo-jumbo.

An unfunded trust is not a trust.

 

[FlyingRon]

If we were to hire an attorney, would we still have to do the mumbo-jumbo of contacting banks, DMV, etc. to change the titles? Thanks in advance!

Well the lawyer would help you do it. The trust can only manage things it owns. Stuff still in your mom's name will be controlled by her will and probate.

Is your dad still alive? A trust may be largely unnecessary if you just title everything jointly. Your father would automatically inherit his wife's interest in the property. He's well advised to promptly make sure that the house deed etc... are converted to him solely at that point (usually just involves submitting the death certificate to the appropriate people in each case).

Or is it your mother's intent that you get interest in this property before both parents die?

 

[jlee-socal]

Well, it seems as if my Parents...

are planning from the scenario of both of them passing.
Thank you.