How To Homeown

If you own a home (or any other large assets), you should have a trust in place! Ask any one of your personal finance experts….asset managers, CPAs, estate planners…”to have a trust or not to have a trust?” and they will all say the same thing! The three main benefits to having a trust for your estate are; financial security/tax savings, privacy/protection, and time! Don’t we all wish we had a little bit more of those commodities?

While attaining a trust does have upfront costs, both monetarily and in the leg work of setting it up, the future savings in the form of avoiding probate far outweigh the setup costs! Probate can cost your estate, thus your heirs, hundreds of thousands of dollars in combined attorney fees, publication/filing fees, and representative fees. Having a trust can also help your estate take advantage of tax benefits and shield your assets from creditors. Without a trust in place, the distribution of your assets is out of your control and often times your wishes for your beneficiaries are not always carried out how you intended them to be.

Probate is public. Without a trust in place, you run the risk that your will becomes public record and thereby the confidentiality of your affairs and your beneficiaries is eliminated. Trusts also provide protections for you if you were to become incapacitated by ensuring that your chosen beneficiary maintains the property and trust on your behalf, versus giving over these rights to the courts.

Because probate is a lengthy process, bypassing it with a trust ensures a swift, smooth delivery of assets to your beneficiaries upon your passing.

Having a trust saves you time and money and allows you the peace of mind that your affairs are in order and will be executed per your preferences. When planning for your future, having a trust on your to do list is essential to your success! The best person to contact to get started on preparing your trust is an estate planning attorney in your area!

Happy Future Planning!