Q: My mother is 86 years old and has decided to sell her home.
However, she is concerned she may pass away before it sells. She has asked if I would help her make a Will or Trust. She has 2 loans on the property. I would appreciate any advice on which one would be best for her situation. She lives in California. Thank you
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A:
To help your mother decide between a Will and a Trust, it’s important to consider her specific needs and goals. In California, a Trust can be a better option for managing a home with outstanding loans, as it can help avoid probate and allow you to manage the property on her behalf if she becomes incapacitated or passes away. A Trust also keeps her affairs private, which could be beneficial for the family.
With a Will, the property would go through probate, which can be a lengthy and costly process in California, particularly if there are debts like the two loans. This could delay the distribution of the estate and potentially reduce the value of the inheritance after the loans are settled. Additionally, a Will would not provide any assistance in managing her property or finances if she becomes incapacitated.
If she opts for a Trust, she can name you as a successor trustee, allowing you to take over management of the property quickly and easily if needed. Since the Trust would own the property, it can be handled outside of probate, providing a smoother transition for both you and her estate.
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