You Can Put Your House In A Trust
Out of all the estate planning tools that exist, a trust is one of the very best. There are many reasons for this, but one of the main reasons is as follows: they make it easier for you to transfer your house to your chosen beneficiary.
Going over the benefits of putting your house in a trust, and speaking with a Florida estate planning lawyer, will make it easier for your beneficiaries to receive their assets.
What Are The Benefits Of Putting Your House In A Trust?
The benefits of putting your house in a trust are as follows:
- Your house will bypass the probate process.
- Your beneficiaries will get your house far more quickly.
- Your house will be protected from probate fees.
You can find three points that elaborate on these benefits in the section below:
- Instead of spending a year in probate, your house can go directly to your beneficiary.
- Your beneficiaries could get your house in a matter of days, as opposed to months.
- Probate is expensive and could lead to your estate being drained; a trust prevents this from occurring.
Every single one of these benefits applies to almost all of the other assets you may wish to put in a trust.
How Can You Put Your House In A Trust?
To put your house in a trust, you must first develop it. And, to do this, you must work with a lawyer who can assist you with this. Doing it on your own is inadvisable, due to the legal complexities that underlie developing a trust.
Right after developing a valid trust, you must do the following:
- Create a deed for your house.
- Prepare the deed and, then, sign the deed.
- Record the deed to make it official.
- Put this deed into your trust.
- Inform your trustee.
Every single one of the above comprises the process of putting your house in a trust.
None of the steps outlined above are easy. Each one comes with its fair share of legal complexities. And, for this reason, you will need to work with a lawyer, if you want to put your house in a trust.
Are There Any Issues With Putting Your House In A Trust?
Even though putting your house in a trust offers many benefits, it can lead to a number of issues that need to be considered.
- Refinancing can be difficult, if you still have a mortgage.
- Your house may not be protected from Medicaid costs if you have a revocable trust.
- Some insurance companies make it difficult to put your house in a trust.
Regarding the second point, this can be changed with an irrevocable trust. These offer their own issues, though, so it’s important to consider which type of trust is right for you.
Speak With A Florida Estate Planning Lawyer Today
If you would like to develop a trust that satisfies all of your estate planning goals, you will need to work with a lawyer who knows how to help you develop this trust.
Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help you develop a trust that is right for all of your needs.
Sources:
help.flcourts.gov/Other-Resources/Probate
law.cornell.edu/wex/revocable_trust
