Trusts are a way to protect assets from probate and may be used in estate planning. A common type of trust is a living trust, where assets are legally protected while the owners are alive. Assets may be put in a trust for a child who can access them only after reaching a certain age. Trusts may be revocable or irrevocable.
Trusts Need Their Own Checking Accounts
Trusts Need Their Own Checking Accounts Q: I read your recent article about how to put a home with a mortgage into a trust. I agree with your advice, but as the daughter who had to deal with the sale of my mother’s home that was held in her trust, there is one further [...]
Selling a Home in an Irrevocable Trust
Selling a Home in an Irrevocable Trust Q: I read your article on living trusts recently. You detail the workings of property in a revocable trust and what one should do with the funds upon the sale of the property. Would the same things apply to an irrevocable trust? I am the creator of a [...]
Estate Plan: Is a Simple Will Enough?
Our estate plan is a will. Is that enough to make sure our son inherits? Q: I read about people putting their home in trust to avoid probate. Our estate plan is a simple will. Our house and everything we own, including our money and personal effects, is left to our son. I thought that [...]
Trusts: How to Handle a Home in a Trust
Trusts: How to Handle a Home in a Trust Q: My mom's home is in a trust. She passed away towards the end of last year. She lived in the home for over 20 years. Her trust lists her six grandchildren as the beneficiaries of the trust. We’ve found a buyer for the home who [...]
Do Revocable Trusts Need a Separate Tax ID Number?
Do Revocable Trusts Need a Separate Tax ID Number? Q: I have a question regarding my mom’s revocable trust. My brother and I are the beneficiaries of the trust. The home was put on the market while my mom was alive but she has since passed. We actually received an offer for the home on [...]
Should I set up a trust or use a transfer-on-death (TOD) deed?
Should I set up a trust or use a transfer-on-death (TOD) deed or instrument? That's what one of Ilyce's readers wrote in to ask how she should manage her estate. To read more Q&A like this one, sign up for Ilyce Glink's Love, Money + Real Estate newsletter. Should I set up a trust? Q: [...]
What to Know About Transferring Property to Beneficiaries
What to know about transferring property to beneficiaries. This reader wants to know if it’s better to transfer the title or go through probate. Q: I’ve enjoyed reading your recent article in our local newspaper on the differences between using a will and a quitclaim deed in order to pass property to heirs or family [...]
Revocable vs Irrevocable Trust: Which is Better
Revocable vs irrevocable trust: which is better. The difference between revocable and irrevocable trusts and the purpose each serves in estate planning. Q: I am divorced and have two grown daughters. I am placing my house in a trust. My attorney is recommending an irrevocable trust. Which do you prefer, revocable or irrevocable and why? [...]
What Happens When You Sell a Property in a Trust?
What happens when you sell a property in a trust? This reader wants to know about the $250,000 gain exclusion and other tax implications. Q: My wife passed away this past year and our home is titled in her trust with me as trustee and my children as beneficiaries upon my passing. Is my cost [...]
Avoid Probate With Transfer On Death (TOD) Deed
A Florida homeowner asks how to avoid probate for her estate. She wants to leave her condo to her son but does not want him to pay probate costs. Can she set up a transfer on death deed so that her son avoids probate? Probate laws vary by state and so she should consult an estate attorney to better understand Florida probate laws.