The transfer of the real property in California is often a key concern in estate planning. Sometimes, however, two or more people may want to hold title to real property in a trust that controls how the property is to be distributed at death. This often happens when children inherit property from parents and want the property to stay in the family. In this situation, the family members can consider transferring the real property into a realty trust. This type of trust allows multiple homeowners to easily transfer co-owned property to intended beneficiaries while avoiding the probate process and deed recording. Contact A People’s Choice for more information on the benefits of a realty trust in California. Read on to learn more.
Benefits of Putting Your Home into a Realty Trust
California law recognizes realty trusts. Furthermore, a revocable or irrevocable trust can serve as the beneficiary of the realty trust. There are several benefits of putting real property into a realty trust in California. For example, putting real property into a trust that is co-owned by multiple people allows the parties to jointly decide the ultimate beneficiaries of the property. Upon the death of any of the co-trustees, the trust becomes irrevocable, assuring that the original designated beneficiaries will not be altered by the surviving co-trustees. Furthermore, this type of trust can allow the personal information of a beneficiary to remain confidential. Personal information of the beneficiary is not listed in public records. This provides a degree of anonymity to property ownership.
A Realty trust can also provide an ease of transfer. Property owned in trust does not have to go through probate. This reduces legal fees and delays caused by the court system.
It is important to recognize that a realty trust does not provide legal protection from creditors, the IRS, or estate taxes. You can save thousands of dollars if you hire A People’s Choice to create a realty trust for you. You do not have to hire a estate planning attorney to draft the trust documents, A People’s Choice has successfully helped several California residents prepare realty trust documents. Contact A People’s Choice for more information. We can help you save thousands of dollars in attorney fees.
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