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I looked at my local county's records and noticed that there are a lot of living and family Trusts that own the property. What is the reasoning for this? Advantages?
Living trust/family trust one advantage that I am aware of is if someone dies, it won't have to go through probate. Plus I think there might be some tax advantages.. but you would have to check with an accountant as I'm not real sure.
Just that no probate of a will is needed since the "OWNER" of the property is a trust. The only thing that changes is the trustee(s) of a trust when someone dies. All of the families "possessions" will be held in the name of the trust (family living trust) and that is usually bank accounts, real estate, etc. No need for the spouse or kids to go change names on anything as nothing changed "hands" in ownership upon the death of a trustee.
Just that no probate of a will is needed since the "OWNER" of the property is a trust. The only thing that changes is the trustee(s) of a trust when someone dies. All of the families "possessions" will be held in the name of the trust (family living trust) and that is usually bank accounts, real estate, etc. No need for the spouse or kids to go change names on anything as nothing changed "hands" in ownership upon the death of a trustee.
Thanks for the explaination. I have heard about the probate court thing and it does not sound good at all. I guess a family trust is an easy way of avoiding probate.
Yeah, the probate lawyer won't get a huge chunk of your life savings... They should make it related to flat fee rather than percentage of property but the lawyers won't be so happy... however if everyone did living trusts, I bet it will come around... they have to stay competitive..
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