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What are some reasons an attorney would tell you don’t put your house in a trust?
In this article, you’ll learn about:
Let’s dig in.
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Putting a house in a trust can offer numerous advantages, such as:
However, there are also valid reasons why you should not put your home into a trust, like:
While there are a lot of disadvantages of putting your house in a trust, let’s look at the advantages of doing it.
Read More: Does Your House Have To Be Paid Off To Put It In A Trust
Putting your house in a trust can offer numerous advantages, depending on:
Some potential advantages of putting your house in a trust include:
Read More: What Happens To An Irrevocable Trust When The Grantor Dies?
Putting a house with a mortgage into a trust means transferring the ownership of that house from your personal name into the name of a trust.
Doing this can help you avoid probate and potentially provide other estate planning benefits.
Here’s a simple step-by-step guide on how to do it:
Read More: Who Needs A Trust Instead Of A Will?
Here are other questions clients ask us about why they shouldn’t put a house in a trust.
When a property is placed in a trust, the ownership structure shifts.
Here’s a straightforward breakdown:
In essence, while the trustee manages the property, the beneficiaries are the ones who truly benefit from it.
Read More: How Much Do Trusts Cost?
Yes, a property in a trust can be sold.
In a trust, the trustee is the legal owner of the property.
They have the power to manage it according to the trust’s terms.
If the trust allows it, the trustee can sell the property.
Here is the process to sell a property in a trust:
Remember, the trustee has specific authority based on the trust document.
This document outlines how to manage the proceeds from a property sale.
How the trustee handles the sale and the money depends on these terms.
Read More: What Assets Cannot Be Placed In A Trust?
If you want help from a trust attorney, fill out the form below.
At The Hive Law, we understand the importance of:
We only accommodate a limited number of clients each month.
So don’t miss your opportunity to work with our trust fund lawyers.
Benefits of our trust services:
Avoid the pitfalls of inadequate estate planning strategies:
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