Should you put your home in a trust? This may seem like a question only pertinent to homeowners advancing in age, but estate planning is a topic all homeowners should seriously consider. Putting your home in a trust has advantages and disadvantages. Here are three advantages it offers.
The first and most important is it allows you to avoid probate by transferring the title of your home directly to a family member or significant other. Probate court can be very costly and time-consuming, and while some states have streamlined this process, many others haven’t. If you want to transfer other properties that might be out of state, you’ll be able to avoid probate in those jurisdictions as well.
Another advantage is it gives you future incapacity protection, which means if you become ill or unfit to manage your own finances, another trustee can be selected to manage your trust and protect your home.
The final advantage is it gives you the opportunity to save on estate taxes. Of course, this depends on whether the trust is designated properly and the financial plans for your estate have been constructed efficiently.
Consider these factors carefully before making a decision. If you have any more questions about any real estate topics or you’re thinking of buying or selling a home in the Palm Springs area, don’t hesitate to give us a call or send us an email. We look forward to helping you.
About WILL COOK GROUP|Keller Williams Luxury Homes|BRE# 01879277
Ranked in the top 1% of all agents valley wide, Will is an Associate Broker and Team Leader of the WILL COOK GROUP at Keller Williams Luxury Homes
A native of Baton Rouge, Louisiana, Will attended graduate school in Boston and worked as a Medical Software Project Director focused on managing client expectations through sophisticated software implementation projects for many years. Will’s experience managing large scale projects in the corporate world has suited his transition to real estate over 15 years ago. Will’s mission has been to use integrity and accountability to exceed his client`s expectations. He has worked in the luxury markets of Boston and Miami Beach and has also owned his own real estate firm in Louisiana.
As expert real estate advisers serving the Palm Springs Area real estate market, Will and his team specialize in finding buyers great deals and they would love to help you find your very own slice of the California Desert!