My Solution: Put My House in a Trust
While you may think of a will first to pass assets to your heirs, you also can put your house and other assets into a trust to pass wealth to the next generation. If you put your assets into a trust, the trust owns the assets and the “Trustee” is obligated to administer and distribute them, after your death, according to the terms of the trust. If all of your assets are held in trust, or pass into the trust through your will, then it may be possible to avoid probate.
It is important to understand whether a trust will help you accomplish your objectives. There are different types of trust agreements that have different rules and meet a variety of estate planning goals. Keep in mind that putting your house into a trust may affect your ability to tap home equity in the future. Read on for more information about putting your house into a trust.