This vesting can only be chosen if you are transferring your property into your living trust. A trust is an estate planning tool that provides instructions on how the property will be transferred upon death. The major benefit of a trust is that it will avoid the probate process. An owner must transfer his/her property into the living trust in order for the trust to take effect.
Example: Robert and Julie created a living trust. Robert and Julie decide to protect their property from probate. Therefore, they record a Trust Transfer Deed that effectively transfers their real estate into their trust. After both Robert and Julie have passed away, the property avoids probate. The successor trustee can easily sell the property or transfer the property to Robert’s and Julie’s beneficiaries.
THIS IS THE BEST SOLUTION A Living trust is the best way to hold title to your property to avoid probate! Call us today to find out how we can help you amend or create a trust!
In a six part series, I provide an overview of the most common ways to hold title to your real estate property. In part 6 of this series I will explain a living trust and how it protects you from probate. There are many ways to hold title to your home, farm land, investment property and any other type of real property. However, will it go to probate when you pass away? Read More on other ways to hold title…
Continue to Part 1 – SOLE OWNERSHIP
Continue to Part 2 – JOINT TENANCY
Continue to Part 3 – COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
Continue to Part 4 – COMMUNITY PROPERTY
Continue to Part 5 – TENANTS IN COMMON
Continue to Part 6 – LIVING TRUST
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Probate is a special court that supervises and determines how a deceased person’s estate is to be distributed. The probate procedure may take years to complete. Probate can become an expensive and time consuming process that can be avoided by creating a Living Trust or adding a Joint Tenant. Ultimately, however, the best solution to avoid probate is to vest your real property in your Living Trust.