7 Reasons why you need to put your home in a Trust

Disclaimer: This information is not intended as Legal Advice, Please consult your CPA or Attorney.

When it comes to  probate real estate in Greater Taunton MA, Greater Providence, and Greater Fall River, I have experienced probate issues for clients whose  family members left this earth only to have their real estate and estate in court for years. This is so hard on the family and nothing is more important than ensuring that you and your loved ones have the right protections in place.

There are various ways to protect your assets and ensure a smooth transition of ownership. One such method is placing your home in a trust. If you're unsure about this approach, here are seven compelling reasons why you should consider it:

1. Asset Protection: Putting your home in a trust shields it from potential lawsuits and creditors. By separating the property from your personal name, you reduce the risk of losing it in case of legal disputes. This protection is particularly crucial if you own rental properties or have a high net worth.

2. Probate Avoidance: Probate is the legal process that validates a will and distributes assets after someone's death. It can be time-consuming, expensive, and subject to public scrutiny. Placing your home in a trust allows for a faster and more private transfer of ownership to your beneficiaries, bypassing probate altogether, which is easier for all involved.

3. Privacy: Unlike wills, which are public documents, trusts offer privacy. When you transfer your home into a trust, the details of your assets and beneficiaries remain confidential. This can prevent unwanted attention and protect your loved ones from potential solicitation.

4. Incapacity Planning: A trust is not solely for after your passing; it can also provide protection during your lifetime. By establishing a revocable living trust, you can appoint a trustee to manage your property if you become incapacitated. This ensures that your assets are handled according to your wishes, without the need for a court-appointed conservatorship.

5. Flexibility: Trusts offer a great deal of flexibility in terms of managing your real estate holdings. You can name multiple beneficiaries, set conditions for distribution, and even plan for specific circumstances, such as providing for minor children or disabled family members.

6. Tax Benefits: Placing your home in a trust can have tax advantages. While the property is held in trust, the taxable value remains fixed, potentially reducing your estate tax liability. Additionally, certain types of trusts, such as charitable remainder trusts, can offer income tax deductions.

7. Peace of Mind: Ultimately, putting your home in a trust gives you peace of mind. You can rest easy knowing that your property and loved ones are protected, and your wishes will be carried out as intended. This sense of security is invaluable, especially when planning for the future.

In conclusion, placing your home in a trust offers numerous benefits for sellers, investors, and those seeking to protect their lifestyle. From protecting your assets and avoiding probate to enjoying privacy and flexibility, a trust can provide the peace of mind you deserve. Don't let uncertainty linger – consult with a qualified estate planning attorney to determine if a trust is the right choice for you, or set an appointment to meet with Lori Lincoln, your Real Estate Probate and Trust Sales Specialist for a strategy session that will help guide you. Lori serves the people of Southeastern MA and nearby RI.