A question I get asked a lot by clients is “should I put my house in a trust?” The answer, of course, is “it depends.” Imagine walking into a doctor’s office and asking them “should I go on [insert medication you heard about on the radio here]?” or “should I have [surgery your friend just had]?”
A trust is a solution, but it depends on what your problem is whether it is the solution for you. It can be helpful in terms of avoiding probate and reducing the work that needs to be done after you pass away. But, on the flip side it can be expensive to have the trust drafted, there are fees that need to be paid to the Registry of Deeds which may not make sense if you plan on selling the house soon.
Trusts can often be useful for people with minor children or children who may need assistance managing an inheritance, but if you don’t take the extra steps to fund the trust properly, you are leaving more work for your heirs and your estate is possibly paying additional legal fees to do work that should have been done while you were still living.
Much like a doctor needs to do a comprehensive exam, and you need to understand the risks, benefits, costs and alternatives before pursuing a medical solution, an attorney needs to understand your entire situation and you need to understand all of the consequences of an action before you decide to pursue a certain legal solution. The best course of action for both is to make an appointment for a consultation and then decide from there what might work best for you.
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