What is a Trust Estate Property?
A living trust lets you control who receives your assets after you die. However, this isn’t the only reason to create a living trust. A living trust can offer many benefits to its creator. For example, a living trust can help your beneficiaries avoid the probate-related expenses and delay normally associated with wills.
Probate is required if the value of your probate estate exceeds a relatively low amount, which varies by state. Probate can last longer than two years and may be delayed by factors beyond the control of your beneficiaries, like overcrowded court and attorney schedules. The probate process can cost up to 10% of your estate’s value. Living trusts can provide more privacy than wills. Although wills must be submitted to a probate court — and therefore made public — living trusts need not be.
Living trusts may help you avoid certain estate taxes if they are prepared and funded properly. Finally, living trusts let you choose someone to manage your assets if you become incapacitated. It is important to contact your attorney regarding creating a living trust. Real Estate agents work with attorney’s regarding trust properties, or the trustee individually, but are not apart of the legal aspect.
Selling A Property / Trust
If you are a trustee contemplating the sale of real property, Claire and Lorraine have the experience necessary representing sellers of real estate through trust, probate and conservatorship. We work closely with your [probate attorney and financial advisors to assure that you understand the sale process and the implication of your decisions along the way.
Buying Trust / Property
While the purchase of a property offered for sale through a trust may look just like a “normal” real estate transaction, it is subject to the standards established by the Probate Code. To assure that they meet the terms and deadlines and complete their transaction without surprises, buyers are advised to work with a sales professional who is experienced in trust sales.