Holding your assets within the confines of a Trust offers several advantages. With the consult of Michael Wakefield, Attorney at Wakefield Law, PLLC in Leesburg, the FOCUS on NoVA Real Estate team explores the top three reasons to place a property into a Trust.
Top-3 Takeaway: Putting Your Home into a Trust
For more information contact Michael Wakefield, Attorney at Wakefield Law, PLLC, or the FOCUS on NoVA Team today.
Why you should put your home into a trust?
First and foremost, I reached out to my good friend Michael Wakefield with Wakefield Law, PLLC in Leesburg. He wanted to point out that when you are writing a contract to purchase and sell a property that is in a trust, you should make sure that has written it out to the trust name, not the trustees. So for instance, the “John Doe Trust” vice “John Doe Trustee”.
Let’s get to the top three takeaway.
- Avoid probate.
Probate can be a long process, six months to sometimes years, which can draw out how long it will take to settle an estate. By putting it into a trust it streamlines it for the beneficiaries and gets things moving. - Control your assets after you have passed.
You can set up qualifications as to when you can disperse inheritance and when you can liquidate the estate. So for instance, a beneficiary could inherit in a property once they hit a certain age and that can all be defined within the confines of the trust. - Incapacity.
Putting your property into a trust will streamline things if you ever become incapacitated. Your trustee would be able to step in and handle your affairs, through the trust, on your behalf.
For more questions about why you should put your property into a trust I recommend that you contact Michael Wakefield with Wakefield Law, PLLC. You can see him on our website under the “Resources” section. If you have any questions about real estate in general feel free to reach out to the FOCUS on NoVA team today.
