Trusts – they’re not just for the super wealthy!
Whether you just bought a home last week or have owned your home for years, if your property is not in a trust, it probably should be! There are many different types of trusts that provide many advantages for property owners.
Here are 3 of the top reasons you should consider putting your property in a trust:
#1 AVOID PROBATE – MAINTAIN CONTROL
When you die (or become incompetent) and you don’t have a trust, then a formal court proceeding is needed to pass your property and assets on to your beneficiaries. Probate can take a long time and be very expensive! With a trust, ownership of the house can transfer to your heirs much faster and easier than through probate. Also, a trust gives you control over who gets your assets after you die and how they get the assets.
Probate is also a very public proceeding. Since having a trust avoids probate, the contents of the trust stay private. In general, the only people who will ever see the trust, are the beneficiaries that you name. So, the value of your estate, the contents of your estate, and your beneficiaries are all kept out of public records.
#3 SAVE MONEY ON TAXES
A trust can help avoid or reduce income taxes, gift taxes, and help to shelter assets from estate and transfer taxes. Your tax savings can amount to hundreds of thousands of dollars or more in some circumstances.
When choosing a type of trust and structuring it, make sure you consider your current and future goals to ensure it satisfies your objectives. Your personal circumstances will dictate whether or not it’s a good idea for you to put your house in a trust. Please always seek the advice of a professional Estate Attorney and Tax Accountant. If you need a referral let me know!
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