21 Mar Should you put your home into a trust?
That is a complex answer; personally, I believe the answer is YES. Working with many families who have had a family members have passed away and I have always found that a property that is in a trust makes life and the process of settling accounts so much easier for the person who undertakes the final wishes of the person who passed.
A trust, though there is a cost at the beginning, is generally less expensive and a faster process in the end. If someone does not have a trust, the steps for an estate could be more costly with the control of the estate sometimes going to someone outside of the family, court ordered administrator. A home not in a trust may go into a probate process. What many people do not realize is the cost to file a probate can be expensive; it could involve a bond and could take several months to settle for the property to be sold and equity to be dispersed. If there is a mortgage, that mortgage, insurance, and homeowner’s dues still have to be paid. I have had families who had a lot of equity in a home yet not enough personal resources to continue to pay for the home thus risking losing all the equity due them to the bank, this is never a situation anyone should be in.
If you are serious about having your affairs in order and do not have a will and trust, I encourage you to please reach out! We have some amazing people we can put you in touch with that can affordably get your ducks in a row!