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Heritage Tree LogoCan I Include My House in a Trust?

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Many prefer transferring their assets into a trust rather than simply listing them in their Last Will and Testament. This is primarily because a trust functions to forgo the Pennsylvania probate process, among other benefits. With this, you may wonder about the extent to which types of assets you can place in a trust. Specifically, you may consider your house’s eligibility. Read on to discover the possibility of including your house in a trust and how one of the seasoned Butler County trust attorneys at Heritage Elder Law & Estate Planning, LLC can help you determine whether this is the best estate planning move.

Is it possible to include my house in a trust?

The short answer is, yes, it is possible to include your real estate property, including your family home, in what is known as a real estate trust. Essentially, a real estate trust is an estate planning arrangement in which you (i.e., the grantor) transfer your ownership over your house to another entity or individual (i.e., the trustee). Then, the trustee holds and manages your house in a way that works for your and your loved ones’ (i.e., the beneficiaries’) benefits. Ultimately, when the time comes that you, sadly, pass away, the beneficiaries may inherit your house.

What should I consider before placing my house in a trust?

If executed successfully, your real estate trust may allow you to maintain ownership continuity within your family for future generations. This may be done without requiring the hassle of a formal transfer of ownership. To ensure this smooth transition, you must consider a few factors.

For one, it is worth mentioning the possibility of appointing yourself as the trustee of your trust. This way, you may maintain control over your house throughout the rest of your lifetime. In turn, you may name a successor trustee to take over upon your unfortunate passing.

Secondly, you must consider the cost implications of establishing a trust. That is, you may not only worry about thousands of dollars in upfront costs but also ongoing legal fees and administration costs. This is not to mention the cost of establishing your other estate planning documents.

Lastly, you must fully grasp and accept the concept of losing control over your house. Once you sign a deed that names another individual to serve as your trustee and thereby the new owner of your house, there is no turning back. This goes back to the idea of possibly appointing yourself as the trustee, instead. Or, at the very least, make sure your named trustee is an individual you can trust with something as serious as this.

There is no better time to act than now. So please reach out to one of the competent Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC at your earliest possible convenience.

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