Many people choose to put their assets and property into a trust when doing estate planning. While you are considering it, you’d just like to know: Can you, your loved one, or a renter live in a house owned by a trust if you do this?
Here’s some clarification before you decide if it’s the right move for you.
Living in a House Owned by a Trust
You are able to live in a house your trust owns, and your loved ones – or renters – can live in it during the probate process. In fact, this is a good idea, because rent can be collected, and the inhabitants will look after the property. The residents will likely not be evicted until the estate is finalized.
Creating a Trust
If you create a trust in Washington, you will be able to avoid probate, which is a lengthy and expensive process. Plus, your financials will be public, so anyone can come in and try to claim what might not be theirs.
You can choose an irrevocable and a revocable trust to put your house into. With an irrevocable trust, you cannot change it once you create it; however, it will protect you from creditors and being sued and getting your assets taken from you. With a revocable trust, you can change it at any time, so it’s much more flexible. To create a trust, you’ll need to consult with an estate planning attorney in Washington.
Get In Touch With an Estate Planning Attorney
To start a trust for your estate, you should reach out to the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Contact us at (509) 315-8087 today to get started.