Can I Include My House In a Trust?

house with garage

Your home is like any other asset. If you ask us “Can I put my house in a trust?”, we are going to tell you that you can. There are some advantages to putting your home in a trust, but there are also some important things to be aware of before you take this step. A Woodland Hills trust attorney from our firm can guide you through the process.

How Can I Put My House in a Trust?

When you want to put your house in a trust, you first have to establish a trust. You choose the trustee, the person responsible for managing the trust, and beneficiaries, people who would be entitled to the assets inside of the trust once you pass away. You can also name backups for these positions, in case anyone passes away.

Then you “fund” the trust by putting assets in it. This includes your house. We recommend setting up this trust with the help of an attorney. We can make sure that the rules of your trust are clear and that who gets the house and other assets are specifically named.

What Are the Advantages of Putting My House in a Trust?

Putting your house in a trust is a good idea if:

  • You want your beneficiary to get the house faster
  • You want to save on estate taxes
  • You want to protect the house from creditors or lawsuits

When you have a trust set up, those assets do not need to go through the probate process. This process can take a while and it costs money. You can save your heirs money and make it easier for them to get their inheritance when you set up a trust.

What Kind of Trust Should I Use?

You also have to think about what kind of trust you want to use for your home. Some choose to make a revocable trust. This allows you to change the rules of the trust later on. You can change the trustees, remove beneficiaries, and otherwise control all of the assets inside of the trust.

An irrevocable trust does not allow you to change rules or control any of its assets. You are putting all of your faith in your trustee. You do lose control of your assets here, including your home, but the advantage is that this type of trust protects your assets from creditors and lawsuits. You are no longer in control of these assets, so they are not technically considered a part of your estate.

Contact an Estate Planning Lawyer

If you want to learn more about protecting your assets and passing them down to your loved ones, contact the Law Offices of Yacoba Ann Feldman. We can schedule a consultation for you and talk with you about your estate planning goals and how to make sure that your beneficiaries get everything that you want to leave behind for them.

Contact Us Today We Can Help

Send A MessageChat With Us818-264-4005

Recent Blog Posts