There are many issues associated with estate planning. One of those concerns trusts and how they can work in an estate plan. When it comes to the family home in Arkansas, should it be included in a trust? There are both positives and negatives in this instance.
Although including a home in a living revocable trust may include paperwork and some money, it may also help to avoid probate, be easy on estate taxes and may even protect the home from possible creditors. Creating a trust must go hand-in-hand with a properly designed estate plan since the writer will wish the move to ensure tax breaks for his or her heirs. But if a trust is used for more than one property, they too should be transferred to the trust.
Trusts also can have co-trustees should the writer become incapacitated. If a spouse is a co-trustee, that may provide added protection for the family home. Most trusts are set up to avoid probate and fees associated with it. Transferring any out-of-state owned properties to a trust may also help them to avoid probate in those states as well.
Estate planning can get tricky. When it comes to specifics like trusts, probate and other issues surrounding an estate plan, an Arkansas lawyer can clarify those areas which seem confusing. Most people don’t know the in’s and out’s of the law and may not know what exactly can and can’t be included in an estate plan and how those things can benefit beneficiaries down the line.