Legal Question in Wills and Trusts in California
Beneficiary vs. Estate
My mom revised her will but was never able to sign the final copies. It is in draft form. Which one will be used?She made me POA and that was notarized. How do I prove I have POA. There are credit card debts. I am the sole beneficiary of a annuity. Is that considered part of her estate and do I use it to pay her debts. It would just cover them with a few thousand left. My brother and I split her estate 50/50, which consists of a house and car. I live in her home, being the carteaker for the last 2 years. I am a single mom with a 13 yr. old daughter. My brother never helped, but I am sure he will want his 50%. I do not have a savings as I gave up my job when I started caring for mom. Help.
2 Answers from Attorneys
Re: Beneficiary vs. Estate
The last signed will is the one that's valid. If there was no will, then the estate (assuming she was not married) will be divided equally among her children (deceased children's children can inherit the deceased child's share). If the assets have a gross value (not including debts) greater than $100,000, a probate is required to transfer title.
Items with beneficiaries listed under contract, like the annuity, are not part of the probate process.
Regarding creditors, they may be paid from the probate estate, but life insurance (including most annuities) is protected from creditor claims.
You should consult with a local probate attorney to see what steps are necessary to get the assets transferred to the beneficiaries in your specific case.
Re: Beneficiary vs. Estate
You have asked a number of questions. Please feel free to contact me for further information, but here are some answers:
The last signed, valid will controls, her entire estate is everything she owned, if the estate is worth more than $100,000, then a probate proceeding will be initiated. You probabaly should seek the assistance of a lawyer to help you through this. The attorney fees will come out of the probate.
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