A Will Probably Isn’t Enough For You
If you own real property (a house, condo, land, etc.), you need a trust. Why? Because time is money, and without a trust, your heirs will be stuck in probate court for years.
You might think a will is enough to avoid probate. It isn’t. A will sends you to probate court. Did you know that a will is nothing more than a letter to the probate judge that explains your wishes as to the distribution of your assets? The final decision on who gets what is up to the judge.
So, how do you ensure that your heirs immediately get their inheritance and avoid the lengthy probate process?
You create a trust.
How A Revocable Trust May Save You Thousands
To transfer real property, the owner of the property must sign a deed in front of a notary. You must be alive to sign a deed. So, if you’re trying to transfer a home from someone who has passed, you must put their estate through probate court. After you pay for the attorneys in probate court for several years, a probate judge will sign a court order deed that transfers the property to you. Probate fees are expensive. A $500,000 home will cost around $13,000 in statutory attorney’s fees, plus court filing fees, etc. The total you would lose would likely be around $20,000.
A revocable living trust allows the owners of real property to transfer the ownership of the real property to themselves in trust. The trust lays out how you want your property distributed upon your death. No probate. No expenses. Immediate. You do not give up your home because the trust is completely revocable at any time while you are alive. You remain in complete control.
And, did we mention there may also be tax benefits?
With a trust, you don’t have to worry about a probate judge or paying fees. Plus, your family won’t spend wasted years in probate court. Your heirs can immediately begin to enjoy the assets you left for them.