Frequently Asked Questions About Real Estate Living Trusts
The most valuable asset most people will ever own is a home. After you diligently pay off a mortgage over the course of decades, you want to know that your property will be left in the right hands. The probate process can be stressful, tedious, and expensive, but a real estate living trust Palm Beach can help circumvent this problem. Legacy Financial Partners is excited to give you the tools and knowledge you need to have a sound foundation for your financial future.
What is a Real Estate Living Trust?
A trust is a legal method of securing your assets’ future by assigning a trustee that will manage and distribute those assets as you see fit. The trustee often directs the distribution on behalf of a beneficiary, and there are often conditions that need to be met before the assets can be dispersed.
As the name implies, a real estate living trust Palm Beach is simply a trust in which the assets managed by a trustee are property. A property can be placed into a living trust even when a mortgage loan is still pending, making it an effective avenue for avoiding the probate process.
Why Should I Choose a Real Estate Living Trust?
A real estate living trust Palm Beach is often the best option to avoid a lengthy probate process. By assigning a trustee, you can save your family the costs associated with settling potential disputes and property transfers.
Another reason many people opt for real estate trusts is that in several states if you designate yourself as the trustee, you are not required to do a tax reassessment on your property when it’s transferred to your trust. This makes the process quicker and potentially save you money in taxes in the long term.
Looking to Establish a Real Estate Living Trust in Palm Beach?
At Legacy Financial Partners, our goals have always been to mitigate risks and procure your financial well-being for the future, so you know you’re in good hands. If you are interested in our proven wealth management strategies, schedule a meeting today!
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