Should I Put My Home in a Revocable Trust?

Put the House in Trust

A trust is a legal arrangement that tells the state and your beneficiaries who is getting which of your assets. Trusts avoid probate and thus probate costs. They can fulfill your financial wishes for your heirs after you die.

Don't Establish a Trust

If your home is the only asset you own, it may be expensive to establish a trust. The fees of even an inexpensive trust attorney can be several hundred to several thousand dollars. Without a lot of assets, you may not want to spend the money before you die.

Bottom Line

A revocable trust can be undone during your lifetime and becomes irrevocable after you die. Consult a tax adviser and an estate planning attorney regarding your overall estate needs and whether or not a trust is really necessary.

References

• University of Florida: Estate Planning
• Web Law Resources: The Revocable Trust