Many people have questions about both the creation of a living trust and the kinds of assets that should be placed inside it. One key question you might wish to ask your estate planning lawyer is, should I put real estate inside my living trust.
There is a good chance that your primary home is one of your biggest assets, which can be beneficial from the perspective of creating a living trust since you can transfer real estate quickly. This is in fact a leading reason to create a living trust in the first place because you are concerned about the time consuming and expensive process of probate and want to allow your loved ones to avoid it.
Putting real estate into a living trust avoids the problems associated with separating probate proceedings for commercial properties, homes and land that are held in different counties or out of state. Remember that in the event that there is a mortgage on the piece of property, this would require refinancing into the name of the trust and not all lenders are open to doing this.
Living trusts are great estate planning tools for plenty of people, but they are not always the right fit. Discuss your options with an attorney to ensure you select the right planning tool for your needs.
Schedule a consultation with your estate planning lawyer to discuss the different kinds of real estate you own and whether or not it makes sense to place it inside a trust. Call a NH estate planning lawyer for further help.
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