Many Washington residents spend a lot of time trying to decide what should be done with their house once they are no longer living. Sometimes, there is an easy solution to this question. However, if you have more than one child or person you wish to leave the house to, the answer may be more complex. We here at Cooney Law Offices understand the many considerations that go into making such a tremendous decision, and have helped many adults find a resolution to such questions.
The New York Times suggests that even though homes are generally passed down through a will, sometimes it makes sense for you to establish a trust for a property. This works especially well when there are heirs who are in different economic brackets. In doing so, you lessen the chance of them having a disagreement about whether a property should be held onto or sold.
There are different benefits to setting up a trust. First, it avoids the potentially high cost of probate. This happens when the named executor needs either to hire a lawyer to act as executor, or must spend a significant amount of time in the deceased’s region to settle things in court. There is also a specific percentage of the estate that goes to pay legal fees and probate.
Second, a trust avoids fights between heirs, thus creating an easier transition. This is just one of the considerations that you should keep in mind when you are doing your estate planning. More information about trusts and estates is available on our web page.