It is important to understand the legality of a trust and how it fits in with your estate plan.
There is often plenty of confusion about trusts beyond the world of estate planning as recently discussed in a Trust Advisor article “Think Twice About Changing a Revocable Trust to List Your Child as Co-Owner of a Home.”
An elderly man wrote in and said he had a revocable trust and had transferred his home into the trust. After he passes away, his son would become the beneficiary of the trust including the home. The man sought advice on how to change the title of the home now to make his son a co-owner of the home along with the trust. The article explains many reasons why that is not only unnecessary, but potentially harmful.
While it is not clear exactly why the man wanted to change the title of his home, it probably stems from a common confusion and fear of probate.
Many people hear they can avoid having their homes go through probate after they pass away if they make a child a co-owner. That is true, but usually a bad idea especially if the home is already in a trust. If a home is in a trust, then it will not have to go through probate when the current trust beneficiary passes away.
An estate planning attorney can guide you through the world of trusts as well as answer any questions that might arise later.
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