I would like to place my home and property in a trust but not exactly sure where to start. Who has done this, what are your recommended steps and what are the ballpark costs in setting up a trust? In the basic research I've done, it looks like we need to hire a family trust attorney to set up the trust and then move our assets into that trust. Any direction or input is welcomed, Thanks!
Real Estate or Family Trust
- Thread starter Baerman
- Start date
I've helped clients do it many times.
The real question is, "Why do you want to do this?"
Depending upon your answer, you might decide a Trust is not the best way to accomplish such. You might find better, easier, and cheaper ways to do it.
Most often Trusts are used for privacy and retaining some level of control after transfer of the asset. There is no tax savings and possibly more taxes, depending upon the type of trust you establish.
To your point, yes, use an attorney who specializes in Trusts. Not a generalist, not a litigator, not a real estate or transactional attorney.
The real question is, "Why do you want to do this?"
Depending upon your answer, you might decide a Trust is not the best way to accomplish such. You might find better, easier, and cheaper ways to do it.
Most often Trusts are used for privacy and retaining some level of control after transfer of the asset. There is no tax savings and possibly more taxes, depending upon the type of trust you establish.
To your point, yes, use an attorney who specializes in Trusts. Not a generalist, not a litigator, not a real estate or transactional attorney.
KB_
Well-known member
I'm in this same kind of boat. With another one on the way. I need to do something about a WILL or Trust. Yes I know I'm un-prepared. My assets are pretty simple. I have a home, couple vehicles and some toys, and family heirlooms, investment accounts and a couple other accounts. No significant amounts of property although I will eventually inherit a significant amount of property.
Last I knew, and I could be completely wrong here. Is if you have a significant amount of property or assets that a living trust may be the better route to go? idk, these things are new to me.
Last I knew, and I could be completely wrong here. Is if you have a significant amount of property or assets that a living trust may be the better route to go? idk, these things are new to me.
If married and your intent is to have everything go to your spouse you have could avoid probate just through proper titling of the assets. Yes, you want a will or trust, with a will being far simpler and easier to operate.
Titling assets as Join Tenant With Right Of Survivorship (JTWROS) overrides any decree of your will or trust. By state law it goes to the joint tenant. Same with any named beneficiary of life insurance, retirement plans, or transfer on death (TOD) declarations. These become "Non-probate property," as the titling and beneficiary designations determine the transfer to a successor, without regard to what your will might say.
A will governs your "Non-probate property." In other words, anything not titled in a manner above where it goes to a named successor through JTWROS or beneficiary designation.
A Living Trust is best for privacy concerns and if you have assets in multiple states. It avoids a public probate process, as you owned nothing at your death; it was all owned by your Trust. It is a private document, so not discoverable by searching probate records. And if you have property in multiple states, it prevents have to do ancillary probate in all the states where you hold property (and are not a resident).
But yes, have a will, even if it is as simple as saying, "When I die everything goes to my surviving spouse." If you go the Trust route, make sure all of your probate property is in the Trust, otherwise you negate the benefits of avoiding probate.
belshawelk
Well-known member
All my properties are in our family trust. IN fact onX maps even lists it as such.
For us it was about an extra layer of protection for legal and finances for our kids when they take it over.
Most lawyers will tell you if you reach X in estate value you want a trust or corporation.
It’s not much to do. More paperwork than anything because all titles and deeds have to changed individually.
For us it was about an extra layer of protection for legal and finances for our kids when they take it over.
Most lawyers will tell you if you reach X in estate value you want a trust or corporation.
It’s not much to do. More paperwork than anything because all titles and deeds have to changed individually.
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