{"id":1171,"date":"2021-01-06T06:00:24","date_gmt":"2021-01-06T11:00:24","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1171"},"modified":"2024-04-25T23:20:04","modified_gmt":"2024-04-26T03:20:04","slug":"is-it-time-to-place-your-home-in-a-living-trust","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/is-it-time-to-place-your-home-in-a-living-trust\/","title":{"rendered":"Is It Time to Place Your Home in a Living Trust?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"929\" height=\"285\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/real-estate-living-trust.jpg\" alt=\"Image of a person sitting on a bench in a wooded area with two children. Captioned: Is It Time to Place Your Home in a Living Trust?\" class=\"wp-image-1172\" style=\"width:929px;height:285px\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/real-estate-living-trust.jpg 929w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/real-estate-living-trust-300x92.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/real-estate-living-trust-768x236.jpg 768w\" sizes=\"auto, (max-width: 929px) 100vw, 929px\" \/><\/figure>\n\n\n\n<p>With a revocable (living) trust, you can assume the role of trustee, and stay in control of your real estate during your lifetime. After you pass away, your living trust becomes a substitute for probate. This is especially helpful if your estate would otherwise face multiple probate processes because you have real estate in several locations. It is also a helpful way to pass a home along to children when they become old enough to receive it, as the trust can direct a title change to a child at a specified age.<\/p>\n\n\n\n<p>If you need to modify your estate plan due to children\ngrowing up, a marriage or divorce, or other significant changes in the makeup\nof your household, or because of your age or physical needs, you may. You can take\nthe asset out of the trust, assign a new trustee, change your beneficiaries, or\nmodify other terms of your trust.<\/p>\n\n\n\n<p>For many homeowners, this is the best of both worlds in\nestate planning. You keep full control during your life, but seamlessly transfer\nthe home on when you pass on, avoiding the time, expense, and stress of\nprobate. Still, there are plenty of things to know before making this decision,\nas we\u2019ll observe in this article.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">The Flexibility and the Limitations of a Living Trust <\/h2>\n\n\n\n<p>With a living trust, you have a great deal of flexibility.\nYou can:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep and exercise your full ownership rights<br>during your life.<\/li>\n\n\n\n<li>Avoid putting anyone else on the deed while<br>you\u2019re living, so only<em> your<\/em> financial actions create debts and claims on<br>the value of your home. <\/li>\n\n\n\n<li>Avert gift tax issues connected with<br>transferring a deed to others during your lifetime.<\/li>\n\n\n\n<li>Avoid having your affairs go through the public<br>process of probate.<\/li>\n\n\n\n<li>Establish the terms by which your home\u2019s value<br>passes to your designated beneficiaries. <\/li>\n\n\n\n<li>Potentially relieve your beneficiaries of large\u00a0capital<br>gains taxes if they decide to sell the house.<\/li>\n<\/ul>\n\n\n\n<p>Because you can take the home out of the trust at your discretion, it\u2019s still in your taxable estate, under your own social security number. Your property taxes should remain unchanged. You can still qualify for your <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc701\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">capital gains exclusion<\/a> if it\u2019s your primary residence and you decide to sell. <\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> If you sell\nyour trust property to purchase a new home, keep the benefits of your trust by\nhaving your buyer make out the payment to your trust, and pay for your new\nhouse with the proceeds out of the trust. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nuts and Bolts of the Living Trust \u2014 And Traps for the Unwary<\/h2>\n\n\n\n<p>You\u2019ll convey the deed of the house\nfrom yourself to the trust to establish it. For guidance as you title your real\nestate into the trust, work with an experienced local estate planning attorney.\nThere are potential traps for the unwary, as you\u2019ll note when reading the steps\nin creating this instrument: <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1: Contact your title insurance company. <\/h3>\n\n\n\n<p>Be sure your policy allows for putting your home in a revocable&nbsp;living trust. There are cases in which the <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"http:\/\/www.calbar.ca.gov\/Portals\/0\/documents\/legislation\/proposals\/T&amp;E-2012-06-Kwok.pdf\" target=\"_blank\">title company will not continue to cover a house moved into a trust<\/a>. In other cases, owners are required to get an endorsement that covers the transfer and continues their coverage. The insurance policy will need updating, to show that your trust is the title holder.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Draft the deed.<\/h3>\n\n\n\n<p>Deed the home, for example, to the\nRevocable Living Trust of Hannah Homeowner. A <em><a href=\"https:\/\/www.deeds.com\/articles\/what-is-a-special-warranty-deed\/\">special\nwarranty deed<\/a><\/em> is a good choice for keeping the title company on\nboard when the beneficiaries decide to sell the property sometime down the\nroad. Sign and print your name: Hannah Homeowner, Grantor and Trustee of the\nRevocable Living Trust of&nbsp;Hannah Homeowner. Name the beneficiaries who\nwill take title to your home.&nbsp;Name a successor trustee, in the event that\nyou pass away or become unable to manage your trust. (By naming a neutral professional,\nyou can lift that potential burden from your beneficiaries and avert\ndisagreements among them.)<\/p>\n\n\n\n<p>State that the trust survives you,\nand date the deed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 4: Sign the deed.<\/h3>\n\n\n\n<p>Sign the deed with a notary\npublic\u2019s acknowledgment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 5: Record the deed.<\/h3>\n\n\n\n<p>File the deed in with recorder of\ndeeds in your home\u2019s county.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 6: Update your trust documents.<\/h3>\n\n\n\n<p>Update the contents of your living\ntrust\u2019s list of assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What If There\u2019s a Mortgage \u2014 Can the House Still Go Into a Trust?<\/h2>\n\n\n\n<p>Homes with loans on them can go into a living trust. It can\nmake good sense to put a home into a living trust when you have no need to do\nany later refinancing, which may or may not require retitling the home into\nyour individual name. Should you need to retitle the home and then return it to\nthe trust, though, it can be done using a <em>trust transfer deed<\/em>.<\/p>\n\n\n\n<p>Call your mortgage agent to advise the company if you plan\nto move a home from your name into your trust. Placing the home into a living\ntrust should not trigger the due on sale provision of your mortgage \u2014 another\nimportant advantage to transferring a home into a living trust if it has a\nmortgage.<\/p>\n\n\n\n<p>And yes, you can still claim your mortgage interest\ndeductions.<\/p>\n\n\n\n<p>If you do not make the final mortgage payoff before you pass\non, the debt will stay on the property. Before the home goes to the beneficiary,\nthe successor trustee will determine how to correctly administer the trust\naccording to your instructions \u2014 including how to satisfy the mortgage. This\ncan get complicated. A local estate planning lawyer can provide important\nguidance for a placing a mortgaged home into a living trust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Are the Best Alternatives to a Living Trust?<\/h2>\n\n\n\n<p>If you pass away while co-owing your house, your co-owner(s)\nreceive your interest by virtue of their survivorship rights.&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/hows-your-property-vested-it-matters-as-much-as-your-will-or-trust\/\">Here,\nwe explore how vesting the title among co-owners works<\/a>. <\/p>\n\n\n\n<p>Joint owners may transfer property into a living trust in order\nto pass a home to beneficiaries after both are deceased. If the co-owners are\nspouses who live in a community property state, and both die simultaneously, a\ntrust \u2014 naming each other as beneficiary and adding an alternate beneficiary \u2014\ncould keep the home out of probate and deliver it to the person they select.<\/p>\n\n\n\n<p>There are other methods of passing your home to your\nbeneficiaries through a trust, depending on your state. <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There are several kinds of irrevocable trusts, including the <em><a aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.aaepa.com\/2019\/01\/domestic-asset-protection-trusts\/\" target=\"_blank\" rel=\"noreferrer noopener\">domestic asset protection trust<\/a><\/em> (also called DAPT, or the self-settled asset protection trust).<\/li>\n\n\n\n<li>There\u2019s the\u00a0<a href=\"https:\/\/www.deeds.com\/articles\/update-the-state-of-the-transfer-on-death-deed\/\">transfer-on-death deed<\/a>\u00a0(also called the TOD deed or beneficiary deed) for real estate. As of 2021, most states permit owners to use the TOD deed to easily convey their homes to designated beneficiaries on death, much as they would pass their assets along from a bank account or IRA.<\/li>\n\n\n\n<li>There\u2019s the <em>testamentary trust<\/em>, established with instructions in a homeowner\u2019s last will, to take effect after death. The will names the trustee, the beneficiaries, and the trust assets, plus any conditions such as the age of the children when they receive assets. Often included in case when children are still minors, a testamentary trust requires a trustee to appear in probate court every year until the trust distributions are complete. Meanwhile, the trust is <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1041.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">taxed<\/a>. <\/li>\n<\/ul>\n\n\n\n<p>Indeed, there are various ways of using a last will in conjunction with a revocable trust. An estate planning attorney can walk you through them. Your attorney can also make sure you don\u2019t inadvertently pass assets to anyone who is receiving vital government assistance that could be compromised by the transfer. Additionally, an experienced estate planning attorney can help you and your beneficiaries receive the best possible tax advantages currently available under the law. For all these reasons, your investment in an attorney\u2019s expertise will pay off.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/unsplash.com\/photos\/QkflfhJn1KA\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Benjamin Manley<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a revocable (living) trust, you can assume the role of trustee, and stay in control of your real estate during your lifetime. After you pass away, your living trust becomes a substitute for probate. This is especially helpful if your estate would otherwise face multiple probate processes because you have real estate in several [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1172,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[107,81,62],"tags":[258,264,1314,1310,1309,1313,1311,261,1308,1312],"class_list":["post-1171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elder","category-estate-planning","category-living-trust","tag-avoiding-probate","tag-estate-planning","tag-estate-planning-flexibility","tag-estate-taxes","tag-homeowner-trust","tag-living-trust-advantages","tag-managing-estate","tag-revocable-living-trust","tag-trust-and-real-estate","tag-trust-beneficiaries"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is It Time to Place Your Home in a Living Trust? 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