When you own a home in Indiana, it may be helpful to put it in a trust. This option allows it to stay out of probate after you pass away. Doing so can make transferring the property to your desired beneficiary easier, saving time and money.
Place your home in a trust to avoid probate
After you die, your assets will go into probate. This process allows your assets, such as real estate, financial investments and bank accounts, to be distributed to the beneficiaries you name in your will. If you want to avoid the probate process, you can place your home in a trust. Going this route can help eliminate court costs, legal fees and frustration.
Maintain privacy
During the estate planning process, you may want to put your home in a trust to help maintain privacy. This action might be taken if you don’t want others to know how you distributed your property after passing away.
Simplify the process
Establishing a trust and putting your home in it should make it easier to transfer to beneficiaries after you die. It will also ensure your home is managed and cared for if you become incapacitated and can’t communicate. You should have peace of mind knowing someone you trust will look after this valuable asset.
Placing your home in a trust
Placing your home in a trust requires you to name a trustee and your beneficiaries. Once it’s been set up, it will need to be notarized. You’ll also have to create a new deed for your home and get it notarized. Once completed, your home can be placed into the trust.
Utilizing a trust during estate planning is a fantastic choice to avoid probate, maintain privacy and simplify the process. Transferring the home to your selected beneficiaries will be a straightforward process.