Should I put my home in a living trust to help my heirs avoid probate?

[Amy10223]

Most people here are younger, so I know it's not a common question. Is it a good idea to include your home into a trust by a lawyer, in order to have your beneficiaries avoid probate?

[Staximus]

There are a few different ways to do it, depending on state laws where you live. There’s living trust, transfer on death deeds, you can put beneficiaries on the deed or mortgage, there are s couple other ways

[OlderAndWiser]

It depends on what you want to have happen to your home after you are gone. What's your goal? If there's more than one beneficiary involved. . . how many is it?

[AI Opinion]

My aim on GAG is to help you navigate love, life… and yes, the not-so-sexy stuff like estates too 😏

Putting your home in a living trust is usually a smart move. It helps your heirs avoid probate, saves time, keeps things private, and can reduce drama. Definitely worth doing with a good estate attorney, especially if you own property. Future-you and your heirs will thank you.

[NathanDavis]

I think, a pertinent question has to be asked/considered...

are your heirs probably or surely, going to fight over the house, or other assets?

most people already have a good idea if this might happen, or not... and if something like this is not going to happen, then yeah... it would most probably be a very good idea to prepare things this way, and in advance...

the second pertinent question/consideration is... which kind of trust is going to be setup, revocable or irrevocable

personally speaking... I come from two big BIG BIG families who have had all kinds of properties, assets and businesses for a few generations and oh boy... some relatives have been close to even killing each other over a damned property (shoutout to the Wisconsin side of the family, lmfao) and, as for the more immediate family, my parents, aunts/uncles... these things were sorted in advance, so nobody had to fight over nothing ever, at all

[Amy10223]

The only two beneficiaries are my daughters, and I have listed in my Will that it is to be sold, and the profits divided by the two. It's to be distributed evenly, everything, with the exception of my car. Both do not drive for different reasons, but I'll be giving the car to the youngest because she could have her boyfriend or husband take it. If not, sell and divide profits.

[NathanDavis]

that does sound like a sensible plan, yeah...

so... consultation, consult first, with the actual professionals for your area/state

[Amy10223]

Thanks. That is in the works now.

[NathanDavis]

excellent... best of luck with it, hope it goes smoothly (=

[Amy10223]

Thanks!

[msc545]

I think this is probably a question for a lawyer. I think we have a few lawyers on here but I'm sure not capable of answering it other than to tell you Please ask a lawyer.

[Amy10223]

Thanks. I am, and he was the one who suggested it. However, I have read it is sometimes not a good idea to include a house in the Trust for different reasons. If someone here has that experience, that's what I'm looking for.

[RedInnocent69]

No. Do they want the house or do they want the money to support their own lives?

[Amy10223]

I’m living in the house now. I have read it’s always not a good idea to put your house in a trust because you won’t be able to do anything with it once it is in, as in tax benefits or even selling it. It belongs to the trust then.

[RedInnocent69]

Yeah, the answer likely depends on the other assets and total value of the estate.

[Amy10223]

Right. I'm seeing someone next week for this, totally new group.

[Iron_Man]

You can do that or you can do a ladybird deed google it so It won’t go into probate, but it cost a lot of money to get an attorney to do that. It’s not one of these cheap Internet prices the cheap online will.

[exitseven]

I am in the process of dealing with this. I will let you know how it turns out.

[Thecubs22]

Yes. Because that happened in my family before.

[Static_In_The_Attic]

Absofuckinglutely!

[Ironco]

Yep, I highly recommend it