A revocable trust is most often the most advantageous way to take title to real estate. How can a trust help a San Diego home owner or a married couple? The estate planning and trust attorneys at Allen Barron can help you to establish a revocable trust in an efficient and cost-effective manner. The cost of the trust is a small fraction of the actual costs associated with taking any home in San Diego through probate. The trust will also ease transition between spouses or their beneficiaries after passing. The beneficial ownership interest in a trust passes to the intended party in a matter of days. The typical home going through probate in San Diego will be held up for more than a year.
The average price of a home in San Diego right now is about $500,000. How much does it cost to take one asset, the $500,000 home through probate after the owner passes? Many San Diegans do not understand that the costs associated with probate are based upon the value of the asset itself, not the equity. If the $500,000 home in our example is free and clear, or if there is a $400,000 mortgage against the property (and an equity of $100,000) the cost of probate is still the same: around $26,000 for a $500,000 home.
Placing your home into a revocable trust literally saves your heirs and beneficiaries tens of thousands of dollars, and a year or more in time. The revocable trust is also a strong vehicle for other assets such as investments and stocks, collections, vehicles and other assets. The trust also protects the privacy of the “grantor” – the person who establishes the trust. When you have a will instead of a trust, the will must go through probate and every detail about your assets, bank accounts, debts and private information becomes accessible to the public.
How can a trust help a San Diego home owner or married couple? A trust protects your privacy and none of this information must be disclosed in a public manner. Title to the assets simply passes to the beneficiary per your own instructions, but in a much faster and less expensive manner. Learn more about the power of a revocable trust and effective estate planning in San Diego by calling Allen Barron for a free consultation at 866-631-3470.