January 16, 2011 7:55 PM Subscribe
Living trust, probate, ack, what does this all mean?
posted by fifilaru to law & government (14 answers total) 2 users marked this as a favorite
My mother has named me and my brother as beneficiaries of her estate. Her assets (which really only include a mortgaged house) are in a living trust, my brother and I are the beneficiaries.
There is another sibling, who is not a beneficiary. This other sibling is yelling about going to probate and contesting the will if she is left out. I do not know the contents of the will. All I know is that I will be the executor of the estate.
My understanding is that as long as a will states how the assets are divided and there is a living trust, the estate will not go into probate, nor will there be grounds for contesting. Am I correct?
I think this is all ghoulish since my mother is still alive. Recent circumstances have prompted my brother to ask me about this, and I really did not have an answer. I am not interested in the estate nor am I interested in contacting an attorney at this time.
Can anyone give me an idea as to what to expect?