Putting your home in a trust can provide several benefits, such as avoiding probate and simplifying the transfer of assets to beneficiaries. This guide offers detailed information on when you should consider putting your home in trust.
Why Should You Put Your Home in Trust?
Avoiding Probate: Probate can be a time-consuming and costly process. Placing your home in a trust can help your heirs save time and money, and avoid probate-related complications.
Ease of Transfer: Transferring real estate to trust beneficiaries is generally easier and less complex than transferring it through an estate and probate court.
Cost-Effectiveness: Moving a home to trust beneficiaries usually incurs minimal fees, such as recording and deed creation costs. In contrast, probate involves court expenses and potential attorney fees.
Privacy: Trusts offer privacy as they are not part of public court records, and their details are not subject to inspection. In contrast, probate proceedings and transfer-on-death deeds are public records.
When to Put Your Home in Trust:
As Soon as You Have a Trust: If you already have a trust, it is advisable to promptly transfer your home’s ownership to the trust.
Create a Trust First: If you own a home but do not have a trust, consider creating one and placing your home in it right away. This allows you to benefit from trust ownership.
How to Put Your Home in Trust:
Transfer by Deed: The process involves transferring the property from yourself as an individual to yourself as the trustee of your trust.
Consult an Attorney: It is recommended to consult a local attorney knowledgeable about trust laws and real estate procedures in your area. They can guide you through the process and ensure compliance with relevant legal requirements.
Recording the Deed: After executing the deed, you need to record it with the County Recorder’s office where your property is located. This is typically a straightforward process.
Need Help? Our Legal Team Can Help
Placing your home in trust offers numerous advantages, including probate avoidance, ease of transfer, cost-effectiveness, and privacy. It is advisable to transfer your home to a trust as soon as you have one or promptly create a trust if you own a home. Consulting a local attorney will help ensure a smooth process and compliance with legal requirements. By taking these steps, you can protect your assets and simplify the transfer of your property to your chosen beneficiaries.
Please note: This website provides information, content, and materials that are not intended to provide legal advice, but rather serve as a general resource for information. Information on this website may not constitute the most up-to-date legal or other information. Please schedule a consultation to talk with an estate attorney for answers to your specific legal questions and legal advice for your specific case.