Is putting your house into a trust a good idea? At Heban, Murphree, and Lewandowski, we get asked this question often. The answer is that several factors influence the approach to estate planning for every individual. So if you’re trying to determine if a trust is a good idea for you, keep reading.
A will is one tool used in estate planning to pass on belongings and money after someone passes. A trust is another. A trust is a legal arrangement used to protect wealth, possessions, property, and other assets for future heirs. A trust can also help pass some assets before you die.
One of the primary benefits of a trust is that assets do not go through probate after death. Probate is a public process wherein your estate’s worth, contents, and who inherits it is information available for anyone to see. A trust prevents that asset from going through the probate process. A trust can also pass ownership of a house faster than going through probate.
A trust has many other benefits for homeowners. Still on the fence? Here are a few more reasons to place your house into a trust:
While a trust is beneficial for most situations, there are also reasons to avoid a trust.
If you need help setting up a living trust, Heban, Murphree, and Lewandowski can help.
Call 419.662.3100 to get started.