If you own real estate, consider using a trust as part of your estate plan.
Trusts can safeguard your property as you age. Furthermore, a trust can enable the transfer of ownership and help your beneficiaries avoid probate.
Trusts and estate planning
A trust is a distinct legal entity that can hold property rights in a manner similar to an individual or corporation. Trusts allow people to manage the distribution of their assets during life and after death. By using a trust in your estate plan, you can transfer property to your heirs without making them go through the probate process. You can place a wide range of assets in your trust, including financial accounts, artwork, stocks and real estate.
Transferring real estate
A common use for trusts is the transfer of homes and other real estate properties. You can ensure your land transfers to your beneficiaries by creating and including a trust in your estate plan. Furthermore, if your real estate holdings contain mineral resources, you can use your trust to transfer the rights according to your intentions. For example, you can place your oil and gas rights in a trust to protect them and transfer them to your heirs. This allows your beneficiaries to obtain rights without undergoing probate, which can be time-consuming and costly.
You can keep property and assets in your family by developing an estate plan with a trust to manage your real estate. A trust can also help you specify plans for your assets and facilitate property transfer for your beneficiaries.