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Living trusts are some of the most popular and effective documents people use as <br>a cornerstone their estate plan. <br>Why? Because of the flexibility and protection, they provide especially when <br>talking about assets with high value like your home. <br>Often times when people are researching what type of estate plan is best for <br>them, they debate between a last will and testament and a living trust. <br>A lot of people have heard of a last will and testament so they believe this is all <br>they need.
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Putting Your Home Into Trust www.rochesterlawcenter.com 248-613-0007 543 N, Main St, Ste 222 Rochester MI 48307 rochesterlawcenter.com
Living trusts are some of the most popular and effective documents people use as a cornerstone their estate plan. Why? Because of the flexibility and protection, they provide especially when talking about assets with high value like your home. But is a last will really best the best option? Or should you strongly consider putting your home into a trust? rochesterlawcenter.com
Putting A Home Into A Trust To Avoid Probate rochesterlawcenter.com
One of the biggest advantages to putting home into trust is to avoid probate court. Without a living trust, your family will have to go through probate in order to receive your assets, including your home. Some people think that a last will and testament is enough to avoid probate, but this is not correct. Your will is actually your ticket to probate court. If your will gets contested, this can add to the length of probate and further delay your family from receiving their inheritance. Most people don’t want to put their families through this. As a result, they create a living trust and put all of their assets into it. rochesterlawcenter.com
Protect Your Home in Case You Become Incapacitated rochesterlawcenter.com
A lot of people think that estate planning is only planning for your death. This couldn’t be further from the truth. One of the benefits of a living trust is that it comes into effect the moment it is signed. This means that if something happens to you, your successor trustee can step in to manage all of the assets in the trust, including your home. This wouldn’t be possible if you only had a last will and testament because a will only comes into effect when you die. It is very common for people to become incapacitated before they die which is one of the reasons people consider putting home into trust.
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