You Can Put Your Home In A Trust

You can put your home in a trust and, in doing so, protect it from the probate process. Doing so can save your beneficiaries a great deal of time, money, and energy.

Going over the value of putting your home in a trust, and speaking with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group will make it easier to protect your home. 

What Is A Trust And Why Is It So Useful? 

A trust is a legal arrangement that gives someone else the ability to hold onto, manage, and oversee the property that you have placed into the trust.

You can put nearly anything into a trust. Once you put something into a trust, it belongs to the trust. You may not always be able to revoke or alter the trust very easily, depending on the type of trust you establish.

Just as an example, if you put your car into a trust, then this car belongs to the trust. This way, the car will go directly to your beneficiaries after your passing, instead of being forced to go through the probate process.

The probate process is used to validate your estate/assets. Probate can be useful. But, it’s long and expensive. Your house may take nine months – or more – to go to your beneficiaries. This is on top of probate fees, and other costs.

You can use a trust to bypass the probate process. Instead of your assets going through probate, they go directly to your beneficiaries. This occurs right after your passing, without the waiting period, costs, and legal complexities. 

Should You Put Your Home In A Trust? 

The answer to this question is “It depends.” You may have specific reasons for not putting your home in a trust. Or, you and your estate planning lawyer may have another arrangement in mind. But, if you don’t, it can be a good idea.

Putting your home in a trust ensures that this home goes directly to your beneficiaries. Your beneficiaries won’t have to navigate probate or wait a long time before the home becomes theirs. It becomes theirs right after your passing.

A good example of the above is as follows: you put your home in a trust and, then, mere days after you pass away, that home becomes your daughter’s home.

If your home was forced to go through the probate process, it would take a long time for your daughter to take ownership of it. On top of that, your daughter might have to deal with heavy court fees, as well as other costs.

The other thing to keep in mind is that probate is a public process. And, when your home – or any other asset – goes through probate, it becomes public. If you have privacy concerns, a trust may be the ideal choice. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop a trust, you must work with someone who can help. Speak with a Florida estate planning lawyer today and we will help you develop a trust that satisfies your needs. 

Sources: 

law.cornell.edu/wex/trust

law.cornell.edu/wex/probate