Your home is not only of importance to you because of its value, but also because it is a treasured place for you and your family. A home is something to protect, and that is why having your property in a trust is one of the most important steps you can take in terms of homeownership.
Still curious about what exactly a living trust is? In the simplest terms, a living trust holds an individual’s most important assets, such as vehicles, stocks, and homes. The purpose of the trust is to hold ownership of the assets while the trustee is alive, and when the trustee passes away it allocates the assets.
Here are the top reasons to put your home in a trust…
Avoid probate… After a trustee passes away, their home will be passed down to their heirs, avoiding probate. This is terrific news — probate can often be a timely and expensive process; having a trust can help your family avoid court time and delays. By having your property in a trust, you can take away the guess work and the time consuming processes for your loved ones while they decide to transfer and inherit your property.
Protection… A living trust is extremely beneficial if a trustee becomes ill and is no longer capable of protecting their assets and finances. In this case, a co-trustee, such as a spouse, close friend, or eldest child can be in charge of protecting your assets. Living trusts are capable of being changed, so choosing a trusted person to name as co-trustee is essential to protecting your home.
In terms of simplicity, having a living revocable trust is one of the easiest options to implement, although there are a myriad of different types of trusts to choose from based upon your needs. Consult with an attorney to help you choose the best type for you and to help you to finalize the details.
Trusts help you feel confident that your family will be taken care of properly, as they protect your assets and help them to be efficiently transferred to your heirs. Your home is one of your most important assets that should be inherited by your loved ones without the stress of a probate. One day, your family will be extremely thankful that you took this important step to protect your home and other assets.