Legal Question in Wills and Trusts in California
What legal form is used legally in place of a Will?
What other type of legal form can be used in place of a Will. Since Wills are very expenive, and if someone definately cannot afford a Will and would like to cover their assets (i.e: home, car), what other form can be used? Can it be notorized to make it legal? Don't want the property to go into probate. Please help. This information is for my mother who barely makes ends meet paying her house payments and bills. She is low income and single income. No money saved in bank. Only asset is a home and car. Most worried about home. Please help. Thanks
4 Answers from Attorneys
Re: What legal form is used legally in place of a Will?
There really isn't a substitute for a will, other than a living trust, which is more expensive. I'd recommend using an attorney to draft the will, but if not, check your library for self-help books on writing your own will, and make sure they're for California.
Another avenue to try is your local Senior Center--they often have free or low-cost wills for low-income seniors.
Re: What legal form is used legally in place of a Will?
The Living or Family Trust is the only way for you to go. There are attorneys that will do these as cheap as $450.00. I know good old Mom can't afford it. However, the kids (like yourself) can probably pay for it, after all their getting the money, and the money you spend now will pay dividends later. Get the full estate planning package from an attorney that does these regularly. It will have all the powers of attorney and instructions for the sucessor trustee.
Re: What legal form is used legally in place of a Will?
give me a call. if your mom is low income and if her situation is as simple as you say i will draft a trust for her at no charge.
Re: What legal form is used legally in place of a Will?
Many law firms will draft a will for your mother for $100.00. But with a will you will have to go through probate. To avoid probate you can get an attorney to draft a living trust but these cost more: between $500.00 and $3,500 and the cheapy is as good as the expensive one. Check around.