LIVING TRUST IS BEST WAY TO AVOID PROBATE COSTS AND DELAYS

DEAR BOB: My mother has been hospitalized nearly three months. It is only a matter of time until her journey is completed. As the only remaining direct family member, there are some financial challenges to be faced due to her lack of planning. She has no written will. She owns real estate, investments and the customary bank accounts. Her house is paid for. What is the most efficient means of title transfer without interference by the state? --Brad S.

DEAR BRAD: If your mother is mentally competent and able to understand, you should arrange for her to transfer her major assets such as her home and investments into a revocable living trust to avoid probate costs and delays after her passing. Presumably she will leave you those assets and name you as her successor trustee.

After she passes on, as the successor trustee you can then pay any debts and transfer those assets to yourself, as provided by the living-trust terms. If you are the sole heir, this should not be a problem.

You will need an attorney who specializes in living trusts to prepare one according to your mother's wishes. The attorney should also prepare a "pour-over will" for any assets she overlooked.