Putting Your House In A Trust In Pennsylvania
Trusts provide Pennsylvania residents with an easy way to pass on their fortune after their passing. For many individuals in the Keystone State, their family home is their most valuable asset. Since a trust allows you to pass your wealth to your beneficiaries, it makes sense to think about how to deal with your home as you approach the estate planning process. Trusts can benefit individuals from all walks of life and economic backgrounds, and this option isn’t just for the ultra-wealthy in Pennsylvania.
If you’re wondering how to put your house in a trust, it’s probably a good idea to connect with a qualified, experienced estate planning attorney. The sooner you get in touch with one of these legal professionals, the sooner you can plan for the future in an effective manner. These attorneys can recommend the right course of action, especially if you’re concerned about how your home will be handled after your passing.
Transfer Ownership Faster
Assets left in a trust do not go through the probate process. This means that if you put your home in a trust, it will immediately be transferred to your beneficiaries after your passing without a long, drawn-out legal process. In addition, you can keep matters private with a trust. The probate process that your beneficiaries might encounter in a will is public, which means anyone can see how much your home is worth. There are a number of additional benefits that may be associated with putting your home in a trust:
- Your trust can generally sell your home after putting it in a trust
- You have the potential to minimize or avoid altogether estate taxes
- You can pass on your home before your passing – if you wish
- You may decrease your taxable estate by putting your home in a trust, helping you qualify for things like Medicaid
- Real estate held in an irrevocable trust cannot be claimed by creditors
You Can Set the Conditions
Perhaps the greatest advantage of a trust is the level of control you have over what happens to your assets. Let’s say you have eight children, and you want them all to benefit from your valuable home that has risen in value astronomically over the past few decades. You might create a condition that states that all eight children must sell the home and split the proceeds, ensuring everyone gets their fair share.
On the other hand, you might not want your home to be sold after your passing. Perhaps you want your home to remain in your family’s possessions for generations into the future. If this is the case, you can clearly state that the family home should not be sold, and the trustee can ensure that your beneficiaries are only living in the home, and not selling it.
Enlist the Help of a Qualified Attorney Today
If you need legal assistance, contact the Scranton estate planning attorneys at the Needle Law Firm. We have considerable experience with estate planning, and we can recommend a number of helpful options if you’re concerned about the status of your family home after your passing. With the right approach, you can ensure that this valuable piece of property helps your beneficiaries in the best possible way. Reach out and book your consultation today.