Whether you have a will or not, the Probate Wolf will huff and puff and blow all your estate plans down — if you don’t have a proper trust set up, that is! And I don’t want that for you.
This isn’t a sexy conversation by any means but it’s important to understand the crucial role having your home in a trust plays:
You can have more control over your assets than a will by adding conditions, or even pass on assets before your death. You can also transfer ownership to your heirs faster.
Avoiding probate should be one of your top priorities. Probate court is not only costly and time consuming but it’s also a huge burden on your heirs. On top of that, if your estate avoids probate court, your financial matters also remain private.
Having your home in a trust will allow you to potentially avoid or minimize estate taxes.
A trust can also be a smart strategy to qualify for Medicaid or even get asset protection from creditors.
If you’re not sure if your home is in a trust, I’m happy to check for you.