Should my mom do a living trust or a will? She does not have any real property - only minimal savings, a mobile home, a car and personal belongings. She has 5 adult children and would like to divide larger assets equally. Some personal items of sentimental value she would like to leave to specified people - her sister, children, grandchildren - and the remainder are to be divided equally among her children. Which type of document is best suited to her needs and wishes?
State/Country relating to question: California
Good evening, setting up a trust permits the assets to pass quicker and retain some privacy as opposed to a will which is commonly probated and filed publicly. It also lets her have a trustee who can assert control over distribution after passing and ensure orderly division as she pleases. It is recommended having an estates lawyer draw it up locally. see martindale.comPlease click on the GREEN ACCEPT button for my answer. This is necessary for me to be paid for my work and so that I can get credit for the answer. Leaving a Bonus and Positive Feedback is not required, but doing so is very much appreciated! If you have a follow up question, I am happy to address it. Just click Reply (not relist) to ask it and I will respond. On occasion, there may be a delay if I am helping another customer, conducting research, or taking a break.
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Thanks. She is of limited income and is hoping to do this as inexpensively as possible. If she chooses to take the self-help approach and complete trust documents on her own or through an online service, what are the requirements for ensuring the legality of the trust (such as the need for a notary or other witness).
She should at least have a lawyer review it and its execution once prepared, which should be very cheap. The trust should be signed and witnessed.
That makes sense. Last question and I suspect you may not be allowed to answer it. Do you have a recommendation for the best online source for getting blank copies of the necessary forms? Many sites seem to require that the forms be filled out online. My mom does not own a computer and prefers to do everything old school with pen and paper.
Legalzoom is one option but generally I prefer to have a lawyer draft these criticial documents, and would recommend martindale.com Good luck!! Please click on the GREEN ACCEPT button for my answer. This is necessary for me to be paid for my work and so that I can get credit for the answer. Leaving a Bonus and Positive Feedback is not required, but doing so is very much appreciated!
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