Should Homestead Property Be Held In A Living Trust?



Video Summary

Should the homestead property be held in a living trust? Well, there's two schools of thought in conjunction with this. Some don't see where there's a problem, and some that say absolutely not. I think that you need to look at the particular circumstances, in order to be able to get a good answer to that.

If you are a single person, and you have a revocable trust that you want to leave the property to, and you do not have any minor children, then you can convey the property into your name, as trustee under the trust, and the trust will take of the [inaudible 00:00:58] of the homestead property.

If, however ... If you are married and you have a joint trust, or you have minor children, then I do not suggest your doing that, in that it complicates matters and it may not be effective, because it may be considered an improper divisive homestead property.

What I have done is do neither, however, prepare a deed from the ... for your homestead property, to provide that you have a life estate in the property, and then upon your death, then the property would pass to the homestead ... the homestead property would pass to the trustees of your trust.

So if you have property, and you have a revocable trust, and it's just in your name, give me a call and we will discuss on how to make sure that the provisions of your trust take care of disposing of your homestead property upon your death, without probate. My phone number is 727-847-2288.