How To Decide – Inherit House Or Trust?
Video Transcript
Ray Hrdlicka – Host – Attorneys.Media
Well, you hit my next question.
Is it better to inherit a house or put it to trust?
And that’s what you’ve just described.
Andrew Dósa – Estate Planning Attorney – Tacoma WA and Oakland, CA
Yeah, well, you can do both. If you inherit it, well, you can do both.
Let’s back up.
So let’s suppose that you and your spouse own a house and then your parents pass away and they give you their house. Now you have two houses.
What you do is to make sure that your trust really does what it’s supposed to and avoids probate. You don’t keep that new house in your own name as an individual.
You’ll transfer it to you and your spouse as trustees of your trust. So it goes in your trust. You have nothing outside the trust. You don’t have to worry about a probate.
What’s the point of doing the trust? It is to avoid probate.
If you have new assets, you just make sure they’re titled properly in the trust. And that’s called funding the trust. We can come back to that in a second.
Anyway, that’s what you do if there are new assets that you add.
Or if you buy a house and then sell it, then buy a new house, sell it, buy a new house, you want to make sure that the title of each property you gain or transfer up to is titled with you as the trustee of your trust.
Andrew Dósa – Estate Planning Attorney – Tacoma WA and Oakland, CA
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