Pursuing Peace Of Mind For You And Your Family

What does putting your house into a trust do?

When preparing an estate plan in Florida, you have several options for making things easier for your family. One is to put your house and other real estate into a trust.

There are a few benefits to putting your house into a trust. Learn more about how this can provide you and your family peace of mind following your death.

What does a trust do?

A trust acts as a receptacle for property, both tangible and intangible. Some types of trusts, such as revocable ones, allow you to move items in and out during your lifetime. On the other hand, irrevocable trusts contain the property inside until the conditions you set get met. Once you deposit an asset into an irrevocable trust, it remains there and is no longer accessible to you.

How is a trust beneficial after your death?

One of the main reasons people utilize trusts is to pass property directly to heirs upon their death. Items in a trust bypass the Florida probate process since the law does not consider these assets a part of your estate. Thus, those you name as trustees can access whatever the trust holds without going through court.

What is the benefit of putting your house in a trust?

Aside from bypassing probate, putting your house in a trust is beneficial in other ways. Creditors cannot lien or seize it should you declare bankruptcy or fall on hard financial times. If you shelter your home in an irrevocable trust, Medicaid may not stake a claim in it to pay for your care should you need it.

You should get some clarity on whether moving your home into a trust benefits you and your estate. Speaking to someone with knowledge in estate planning may prove crucial to your financial future.