Here’s why setting up a trust is important for property owners.
Today’s topic is pretty serious. When someone you love passes away, it can be pretty tough. The last thing you want is to add a real estate headache on top of your grief. That’s why today I’ll explain the importance of having a trust.
“Trusts save time and money while helping your loved ones avoid headaches.”
First things first: what is a trust? It’s a document that changes the legal relationship of a property should anything happen to you. If something unfortunate happens, you ‘trust’ the legal responsibility of a property to whomever you name as the trustee.
There are a lot of benefits to having a trust, but the biggest one is that you can usually avoid probate. Your loved ones gain access to your assets more quickly, and you may be able to avoid some taxes. Trusts save time and money while helping your loved ones avoid headaches.
For example, my cousin passed away last January. I was able to sell her home in March for $680,000. This quick turnaround would never have been possible if she didn’t have a trust. There were certain steps I had to take, such as fulfilling her wishes and setting up a checking account for the trust, but it was far easier than going into probate.
If you own property, you should have a trust. Call me, and I can refer you to a great trust attorney. If you have any questions about today’s topic or anything else related to real estate, please reach out to me via phone or email. I am always willing to help.