A vacation home is more than simply a place to visit each year. It is where celebrations occur, holidays happen and memories are made. Maybe it’s your family home on the coast or a cabin tucked in the woods. No matter where it is, a vacation home is an important part of your family’s assets. Many parents have worked hard to pay off their family or vacation home and want to leave the house to their children. As estate planning lawyers, we’re frequently asked if a family should put their house in a trust.
A trust can determine how the beneficiaries manage and distribute the person’s money while they are alive and after their death. Also, a trust does not go through probate court (as a will does), saving the beneficiaries time and money. And since the trust does not go through the courts, it is kept private.
There are many types of trusts, such as:
Putting your vacation home into a trust allows you to lay out your wishes for who gets the home and what they can do with it.
Depending on your situation, establishing a trust may be best for you. A trust helps protect your beneficiaries from financial and tax burdens that the government can assess in a will – or if there is no will at all. It’s a way to ensure generational wealth – how to keep your finances safe for your children, grandchildren and further.
5 reasons to put your house in a trust
As shown above, there are several reasons why you should put your home in a trust. Working with an experienced estate planning attorney will help you legally pass your primary or vacation home to your loved ones.
Leaving the family vacation home to your children can create new generations of memories. As experienced estate and probate lawyers, we can guide you through this process. To talk to an experienced estate planning attorney, contact the Estate & Probate Legal Group at 630-864-5835.
Areas We Serve: Cook, DuPage, Kane, Lake and Will counties.
