TRUSTS

Trusts FAQ

Frequently Asked Questions About Trusts

Question: “Why should I put my house in a Trust?”

Answer: There are three big benefits to putting your house in a trust.

First, it avoids probate, saving your heirs thousands of dollars and many months of their time.

Second, your trustee can continue to maintain the house until it is transferred to your beneficiaries which prevents the house from losing value from neglect while waiting for a court to approve your will and appoint your executor.

Finally, if you're incapacitated during your lifetime, your trustee can look after your house (pay taxes and utilities, make repairs, maintain the yard and living spaces) until you recover.

Learn more about what assets can go into a revocable living trust in our blog.

Question: “Can I, as the trustee, sell my house if it is in a revocable living trust?”

Answer: Yes, not only are you able to sell your house, you may purchase another house within the trust or transfer the funds out of the trust to make another purchase.

Question: “Will I lose my homestead exemption if I transfer my house to a revocable living trust?”

Answer: No, so long as it contains language stating that it is a qualified trust for purposes of maintaining the homestead exemption.

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