7 Disadvantages Of Putting Your Home In A Living Trust
1.1M views · Nov 29, 2024 · Education
Comments · 585
@TobyMathis · 1 year ago (edited) · pinned
Would you like to learn more about creating your living trust and avoid probate? Schedule a free consultation here: <a href="https://aba.link/bb3">https://aba.link/bb3</a>
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@kmsand5905 · 1 year ago
Omg a chalkboard…. I haven’t heard that sound in forever! LOL
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@robskully3539 · 9 months ago
Number 5 - Reduced Risk …. Experienced this first hand myself 😢 Dad passed and Mom lived 3 1/2 years longer. Parents had nothing in place … not even medical stuff. So not long after my Dad passed I brought my Mom to an Elder Care Lawyer and had a Trust setup. I have 3 Sisters and so happy it was done because it would have been a crap show if there was none. Especially where this guy talks about if someone contested they get nothing … boy that helped out about because I had two Brother-In-Laws became aholes and THAT contesting part kept them in line 😉
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@omer2020-c1u · 1 year ago
This video should be titled: 10 Advantages of putting your home in a living trust”.
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@whynot2934 · 1 year ago
Death brings out the worst in some people.
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@lynnallen1242 · 9 months ago
My husbands Aunt/Uncle have no children. My husband is one of 6 children...they are the only nieces/nephews also to the A/U....My husband and I are and have always been closest to this A/U. They set up a living trust 15+ years ago, with us as the executors and his sisters as second in line to execute and all property divided equally. We were all given docs. 5 years ago thier health seriously started declining...I have been the only caregiver. Last year they amended the trust to read all assests go to us only as we have been the only ones they ever talk to. I asked them to tell tge family ahead of time, but our Uncle doesn't want to. I can see a big blow up in our future over this now!
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@barbarahering484 · 1 year ago
i took care of my mother until she died , have 3 siblings and my mothers estate was split 4 ways . i did exactly as it was written never complained to my siblings. i split it down to the penny. My mothers wishes were what she wanted and i respected what she said.
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@Duken4evr29 · 10 months ago (edited)
Pros greatly outweigh the cons. I was the executor and sole beneficiary for my brother's estate, fortunately he had a will naming me as executor and I was listed as beneficiary in all but the checking account, but I had to probate his real estate in RI. It was a pain in the ass and cost way too much money. RI is a different corrupt animal for sure.
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@ronica2623 · 1 year ago
1) Expensive paperwork, 2) refinancing recommend taking out of trust then out back in, 3) no asset protection, 4) property tax reassessment? Hardly done anymore, 5) no estate tax benefit, 6) potential loss of homestead (nowadays not an issue…?), 7) amendments cause more documentation. Thanks. A few of these you point out are not an issue so they aren’t disadvantages. Another couple are true of non-trusts as well. So overall I only see #1, #2, and #7 costs to have attorney create addendum as disadvantages. However, avoiding probate makes creating one a good idea. The fees vary greatly on hiring trust attorney so shop around to get a good price with a good recommendation.
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@info3496 · 1 year ago
We filed a dead on death for our house because our state alows for it this gives our house to our kids Avoiding probate. Our state also alows for us to fill out paperwork stating who gets our vehicles with no probate. Our bank accounts and retirement accounts go to our kids directly so no prbate again. Thankfully our kids get along great and are adults. So if your financial situation is simple like ours you can do things other than a living trust to avoid probate. I figured this stuff out after trying to handle the mess my father left for us when he passed and I didn't want my kids going through the same BS.
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@lorrainedemarco4927 · 7 months ago
Thanks for all the valuable information. Love the chalkboard, as I'm a visual learner 😊
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@NanetteCuauhtli-bb9gi · 1 year ago
It is great to have someone sharing his knowledge about living trust. I am learning.
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