Palm Springs Law Blog

Wednesday, September 22, 2021

Top 3 Reasons to Put Your House in a Trust

When you think about putting property in a trust, you may not think about placing your house in a trust. However, your personal situation and circumstances will help you to determine whether it is the best decision for you. Here are the top three reasons to consider doing so.

1. You Can Avoid Probate

One of the biggest reasons that anyone puts assets into a trust is that it helps you to avoid the probate process. The point of the probate process is for the court to assess the authenticity of your will and to ensure that your assets are being passed on properly. Additionally, since wills and estates become public record following probate, anyone can see what things cost. But by transferring your assets through a trust, the process is private.

Another negative about the probate process is that it can often require a lot of time and a lot of money. By passing your assets through a trust you can avoid a more stressful, lengthy process. Assets from a trust are only passed on per the instructions in the document.

2. You Can Pass Your House on While You’re Alive

Whereas your Will only takes effect after your death, a trust allows you different ways and conditions under which you can distribute your assets. The conditions of when and how beneficiaries will receive your assets can be a variety of things. In other words, you can move your house into a trust and transfer the ownership to it prior to your death. For instance, you can put your house in your trust and set it up to pass on to your daughter in the event that you become incapacitated or are placed into long-term care.

3. You Can Enjoy Tax Benefits

Another really favorable benefit of putting your house into a trust is that you can reap tax benefits. When you move your house into a trust (in particular an irrevocable trust), you can decrease your taxable estate. That’s because your house is likely one of, if not the most expensive asset you own. By moving it into a trust to pass on prior to your death, it could actually help you to avoid or minimize a state or federal estate tax. (Estate taxes usually only pertain to multi-million dollar estates.)

Heritage Legal, PC Helps Those in California to Establish a Comprehensive Estate Plan

If you are interested in placing your house or any other property into a trust, it’s in your best interest to consult with a knowledgeable and experienced estate-planning attorney.

At Heritage Legal, PC, we understand the importance of protecting your interests and the interests of those whom you care about most. We can help you to create a comprehensive estate plan that fills all of your needs and plans ahead for your loved ones. To learn more or to schedule a free consultation, contact us today!

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