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Case Studies for putting Real Estate in a Living Trust

When it comes to estate planning, one of the most powerful tools at your disposal is a living trust. This legal arrangement allows you to maintain control over your assets while you’re alive and ensures they are distributed according to your wishes upon your death, without the need for probate. Real estate, in particular, is an asset that can greatly benefit from being placed in a living trust. Here are some examples of how a living trust can be beneficial, and how you can get started with GetDynasty to create a free living trust.

The Vacation Home

Imagine a family that owns a beautiful vacation home in the mountains. They want to ensure that this property stays in the family and is passed down to their children without the hassle of probate. By placing the property in a living trust, they can specify exactly how the property will be managed and eventually distributed among their children. This not only simplifies the transfer process but also provides peace of mind that their wishes will be honored.

Rental Properties

Consider a couple who own several rental properties that provide a significant source of income. They are concerned about what would happen to these properties if something were to happen to them. By creating a living trust, they can appoint a successor trustee who would manage the properties on behalf of their beneficiaries. This ensures that the rental income will continue to support their family without interruption.

Preserving a Family Legacy

Think of a widow with an estate that includes a historic family home. She wants to preserve the home as a legacy for her grandchildren. By placing the property in a living trust, she can outline specific instructions for its maintenance and use, ensuring that the home will be cherished and enjoyed by future generations.

Privacy Concerns

Imagine a well-known social media influencer who has recently purchased a property. Given their public persona, they are concerned about maintaining privacy and keeping the property details out of the public eye. By placing the property in a living trust, they can ensure that the ownership of the property remains private, as living trusts are not part of the public record like wills. This strategic move not only protects their privacy but also provides a smooth transition of the property to their designated beneficiaries in the future, without the need for a public probate process.

How to Get Started with GetDynasty

Creating a living trust for your real estate doesn’t have to be complicated or expensive. With GetDynasty, you can create a free living trust that is tailored to your specific needs.

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Related Articles

What is a Trust?

A Living Trust is a financial tool that lets you plan, organize, and protect your life. It’s a personal entity that allows you to add assets and plan out your inheritance. Eliminating legal battles, cost, and time spent by your loved ones. 

Think of it like a personal LLC that you put everything you own in. Except it doesn’t protect you from liability like an LLC does, it protects you from probate and conservatorship. 

Probate is the complicated court process (12-18 months) where a judge decides what happens to your assets after you die, become incapacitated, or are “deemed” incapable. Creating a living trust allows your assets to completely circumvent probate and immediately transfer to your loved ones. 

In addition to being able to name heirs (your beneficiaries), a Trust also allows you to assign someone to manage it (your successor trustee). Instead of going through probate, your Successor Trustee takes control of the Trust, handles your affairs, and distributes your assets according to your instructions. The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.

At Dynasty, we believe everyone should have a Living Trust. If you have children, assets, or plan to acquire assets in the future, you should create a Trust. That way when you buy your next home, open a bank or brokerage account, get startup shares, etc. – you can immediately title them in your trust.