My mother and father have a will leaving everything to me upon their passing. I am their only surviving child. My only sibling passed away 20 years ago. Should they have a revocable trust in oppose to a last will and testament to avoid probate?
3 Answers from Attorneys
If they own a home in California then they almost certainly should create a trust to avoid probate. In California, Probate in the courts is a process that takes 9-15 months to complete and is very expensive considering that if they have a trust, and you are the sole beneficiary, transferring their assets to you becomes little more than a paperwork drill. They should consult with an estate planning lawyer in their community.
It depends on what assets they own and what their plan of distribution is. If there is real property such as a home, then trusts are usually quite beneficial.
If serious about hiring counsel to prepare this, and if this is in SoCal, feel free to contact me.
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