Should You Put Your Home In A Trust

Dated: June 24 2017

Views: 232



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.


This Blog courtesy of Will Cook, Will Cook Group, Palm Springs, CA 

© 2017 Will Cook Group. All Rights Reserved

Blog author image

Will Cook

Ranked in the top 1% of all agents valley wide and named one of the Palm Springs Life Top Realtors for 2019, 2020, 2021, and 2022; Will is an Associate Broker/Team Leader of the WILL COOK GROUP with K....

Latest Blog Posts

Art Hotel Is A Colorful Oasis In The Palm Springs Desert

(MLS / Realtor.com)The Art Hotel in Palm Springs, CA, has been looking to book a buyer for a long stay. Owner and designer Tracy Turco reimagined the 1960 lodge as

Read More

The Truth Behind Our Slowing Market

Why our real estate market has slowed down throughout the year.Is the housing market finally slowing? Maybe you’ve heard about a change in the news or from a friend, and they’re right—our

Read More

How To Determine How Much Homeowners Insurance You Need

How to determine how much homeowners insurance you needIf you find yourself wondering, “How much homeowners insurance do I need?” you aren’t alone. Determining the proper amount of

Read More

4 Things You Should Know About Our Market

Interest rates are rising, so should you be worried about a crash?“Will housing prices collapse?” I’ve been receiving this question almost daily. Interest rates have increased dramatically

Read More