If you own real estate in California I highly recommend that you create a Trust. This Trust will help you organize our assets and create a game-plan for your future. A Will is not enough to protect your assets and ensure they go where you want them to go in the future. I’m not an Attorney so I’ll leave the specifics to the appropriate professionals. The following a great reasons to look into getting a Trust.
Real Estate should be held in a Trust to protect your family from probate should you pass away. Probate is when the state steps in to help clarify where your assets go. If your assets are in a Trust you get to avoid the time, expense, sharing of private information that takes place during probate.
Probate sales in real estate can take a very long time. There are specific contracts required that differ from our every day residential purchase agreements as well. Very few Realtors have experience with probate sales as well. These sales involve the courts and very few legal matters involving the court system move quickly.
Attorneys will charge for taking a family through probate. The charges are commensurate with the value of the assets. You can save a lot of money by being proactive and having a trust. There is a cost to working with an Attorney to create a Trust. However, in the long run, it’s a money saving move to have a Trust!
Probate situations are public by nature. In many cases people are working to make sure there are no missing people who may be entitled to your assets. If you want your information kept private get a Trust. Also, you name your Trust anything you like. That’s kind of fun!
As always, I would be happy to introduce you to a great Trust Attorney. Just ask!