Including your home in a trust could make things easier for your family in the event of your passing. But how do you do this? And is this the right choice for everyone? Let’s talk about it!
Here at Family Home Loan Texas, we know the value of a trust. When you put your home in a trust, you can state your wishes in the event of your death. A trust can also help save time and money and allows you to pass your home to the right person. If you’re ready to make a change, give us a call.
Putting Your Home In A Trust
Including your home in a trust requires a bit of time and an experienced professional. We’re here to help.
1.Contact An Estate Attorney
They’ll explain your options for putting your home in a trust. Since you are creating this document while you are alive, it’s called a “living trust.” You have control over your assets, including your home, but can designate who it will be passed to. An estate attorney can ensure that your trust is accurate within the local laws and meets your wishes.
2. Draft The Trust Agreement
Your trust agreement names who will manage the trust, who will be the beneficiaries of your trust, and any specific rules. Your attorney will put together this document for you.
3. Prepare, Sign, And Record A New Deed
The new deed for your home allows you to legally transfer ownership of your home from your name to the trust and make sure your property is covered by the terms and protections of the trust agreement.
After the new deed has been signed, you will need to take it to your local county recorder’s office. This public record shows the trust is now the legal owner of your property. You can find this office by visiting your county’s government website.
5. Update Your Home Insurance
Then, update your home insurance policy to avoid gaps in coverage or denied claims. This is an important step, especially in an area like North Texas, where weather is always a risk.
6. Review And Maintain The Trust
Check in and review your trust every few years with your attorney to make sure it still fits your needs, especially if you buy a new property or update your estate plan. You may need to update your trust after events such as marriage, divorce, new tax laws, and other life changes.
Questions about this? Contact the team at FHLT today
Talk to our team at Family Home Loan Texas in Frisco, TX about all of your options and decide if this is the right move for you and your family. To learn more about the advantages and risks of an FHA-insured HECM loan, give us a call at 1-800-990-LEND(5363) today!
