Is it beneficial to transfer our home ownership from my individual name to the name of our living trust? And, what will it take to do that?
Our financial assets are held in a living trust. But I don’t know if our home was ever transferred into the trust. Our real estate tax bill shows only my name and not the name of the trust. So we think we may have overlooked transferring our home into our trust.
A will allows you to write down what your wishes are for your financial assets, your personal property and your real estate. If you want your children to get certain jewelry or personal items, you can write that down in your will. If you want your home to go to a particular family member or friend, you can dictate that as well. And you can decide how to split any money, stocks, bonds or other financial assets you might have in different institutions.
If you decide to only use a will, after your death your family may need to hire an attorney and open a probate estate with the court. Once the probate estate is opened and the executor of the will is approved, the executor can distribute the assets owned by the deceased per the terms of the will. Probate can be costly and for this reason people tend to use living trusts.
You can see why wills and trusts play nicely with each other. You set up a living trust and place all of your assets in the trust . Then you write a will that comes into play if you missed something. Hopefully, you didn’t miss anything other than your house. But in case you do, the fallback position would be to use the will, open a probate case and allow the executor to transfer any assets you forgot to put into the trust.
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