Should You Own Your Home in Your Trust?
A typical estate at death will include a personal residence. Many large estates also include a vacation home, farm or family retreat. Leaving real property in trust is common. Estate plans that include a revocable trust will fund the trust by a pour-over Last Will orchestrated by the personal representative.
Sometimes the settlor, the person establishing a trust, will title their home to the revocable trust, which then becomes irrevocable at death. Other times, an estate planner will recommend a Qualified Personal Residence Trust, which is irrevocable, to gift a valuable home to a trust for their children. Through this method, the house is passed over a term of years while the original owner continues to live there so that the gift passes with little or no gift or estate tax.
It is also not uncommon for a trust beneficiary to request a distribution or distributions from the
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