Legal Question in Wills and Trusts in California

Re: Assets without a will left

if she owned real property, probate will likely be necessary. contact an attorney to advise and assist with the remaining aspects of her estate.

Re: Assets without a will left

You will need to probate the other estate assets. The joint tenancy deed is arguably not valid, especially since the undisclosed HELOC evidences that she did not intend to transfer any present interest in the house but rather to use the deed as a will substitute.

You may in fact, benefit from probating the house and undoing the joint tenancy deed on that basis. The cost of probate may well be less the the cost of the taxes on sale of the house given that the joint tenancy transfer, if it is affirmed, will transfer your mother's tax basis to you, and the stepped up basis that results from a testamentary transfer will be lost on half the value of the property. This results in a much larger taxable gain upon sale of the property and consequently a much higher income tax bill.

Your story illustrates the dangers of "home spun" estate planning which I often talk about in my lectures and in my book. You may want to familiarize yourself with these things by getting the book, entitled "Create Your Legacy & Save the American Middle Class. How to Plan for Death and Disability Without an Attorney and Win the Love and Admiration for Your Family and Love Ones." It is available on my websites, most directly www.YourLivingLegacy.info.