Put Home In A Revocable Trust
REM #F647
By Ilyce R. Glink
Summary: A reader would like their investment property to be given to their sister upon their death. Ilyce suggests putting the home in a revocable trust.
Q: I have recently married and still own my own home which I am currently renting
out.
In the event of my death I would like for the home to be turned over to my sister and I was wondering if you may be able to offer some advice. I would like to avoid a hassle if I should sell the property at a later date as well.
A: It sounds as though you ought to put your prior home into a revocable trust.
You can name your sister as the beneficiary of the trust. Upon your death, the
property would be transferred into her name.
Because the trust is "revocable," rather than "irrevocable,"
you have the ability to change your mind and dissolve the trust. Even if you
set up the trust, the trust would allow you to keep all the benefits of being
owner of the property while allowing you to know that the property would not
have to be probated upon your death.
You should also have a will in place for any other property that you have that
you did not place in the trust. The trust could designate what property should
go to whom and would act in a similar fashion to a will. The one big difference
is that a trust does not need to be probated and does not need court approval.
If you do nothing your husband will inherit, in most cases, half of you assets.
You should consult with a good estate attorney or estate planner who can help
you put the pieces together.
Best of luck in your marriage.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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