QUESTION
how do I assure my daughter will be able to pay off my mortgage & keep my home using the insurance money
Asked on Feb 10th, 2014 on Trusts and Estates - California
More details to this question:
my daughter is the sole benefitiary on my life insurance policies. If I die before my mortgage is paid off, the insurance plans provide more than enough to pay it. I do not yet have a will or living trust. I am 50ys old. What do I need to do. She is an adult; 22yrs old.
1 ANSWER
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In California, if you own real estate you will need a Trust in order to avoid Probate for your heirs. By having a Trust prepared (and a Pour-over Will) you will assure that your daughter will inherit the home without the substantial cost and time of a Probate.
You may also need the Powers of Attorney (for financial and healthcare) which will appoint someone to handle these issues if you were to become incapacitated and not able to make these decisions for yourself.
It would be wise to speak with an Estate Planning Attorney to go over your specific situation and make sure that your wishes are followed.
Answered on Feb 10th, 2014 at 1:46 PM