Many Georgia homeowners are currently trying to determine the best way to provide for their loved ones when they’re gone. How to distribute assets, in particular, who should get the house, is a pressing question that often leads to more questions before answers are discovered. Many people have a difficult time choosing whether to execute a will and include their homes as inheritance or whether to place their houses in trust while they’re still living.
There are irrevocable and revocable trusts, the former meaning that a grantor would waive the right to change his or her mind regarding who is to inherit the house. Placing a home in trust may help prevent acrimonious disputes between family members down the line. A trust is often chosen as the most viable option when a homeowner wishes to help a loved one avoid the probate process as well.
The probate process is often lengthy and complex. Setting up a trust is thought by many to be the best means for smooth transition between generations. It’s often a simpler, swifter process, which can alleviate a lot of stress for heirs in the wake of an estate owner’s death.
Transferring property to heirs while a homeowner is still living may also have positive tax and health care effects. Giving a home as a gift may also help a homeowner obtain Medicaid, which can provide many health care benefits. To seek answers regarding which trust may be the best type for a particular set of estate planning goals, it may be best to discuss the topic with an experienced Georgia estate planning attorney.
Source: The New York Times, “Estate Planning: Leaving a Home to Heirs While You’re Still Alive“, Kaya Laterman, Aug. 25, 2017