Learn more about the benefits of placing your home in a revocable living trust.
The primary mission of your estate plan is to determine what happens to your assets after you die. Most people have specific ideas of who will receive their assets, especially significant ones like homes. Consider placing your home in a revocable living trust to make passing down assets as easy as possible. Creating a revocable living trust allows you more control over your estate as you can manage the trust and alter or cancel it anytime before your death. When you create this plan with your estate planning lawyer at The Millman Law Group, you can craft a trust with the following advantages.
Cover Immediate Expenses
If you pass down real estate to your heirs after your death, they will be responsible for covering mortgage payments, utilities, property taxes, insurance, and other expenses related to the home. Because most of your assets are subject to the probate court process, your heirs will only receive assets from your estate that they could use to cover these costs once probate is complete.
Placing your home in a trust can authorize the trustee to use estate assets to pay for property expenses immediately. This can help protect the house until the beneficiaries receive the means to cover the property’s expenses.
Simplify Home Sales
Placing your home in a revocable living trust may also make it easier for your beneficiaries to sell the property after your death. Without a living trust, your heirs would be equally involved in the property sale. This means that everyone would have to agree on all of the decisions surrounding a sale, including:
- Whether to sell the home or keep it in the family
- Choosing whether to renovate the property to increase its value first
- Deciding which realtor to hire
- Selecting the listing price
- Choosing the offers to accept
Many families have difficulty navigating these issues peacefully while dealing with the stress and grief following a death in the family.
A revocable living trust can permit the single successor trustee to handle the property sale instead. The trustee has the authority to make all of the decisions listed above through the fiduciary duty that compels them to make the sale in the best interest of the beneficiaries. The trustee can then distribute the funds from the sale equally to the heirs.
Allow for Special Instructions
A revocable living trust permits you to give special instructions about property distribution and feel confident knowing that your wishes will be respected. This benefit is especially appealing to those with sentimental attachments to their home.
For instance, if you want to allow family members to continue living in the home for a period, you can specify this in your trust. You may also include a right of first refusal that grants your family members the right to purchase the home before anyone else.
If you want more control over your property, consider placing your family home in a revocable living trust for the best results.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.