While you’re likely focused on closing the deal and moving into your new home, it’s essential to consider how you’ll protect and manage this asset for the future. One of the best ways to do this is by placing your home in a trust immediately at closing. Here’s why this strategy is beneficial and how you can do it for free with Dynasty.
Key Takeaways:
- Wills require probate court, trusts don’t.
- Probate court takes on average 18 months and can cost 10% of the total value of your estate.
- An anonymous trust gives you privacy.
- A revocable trust is flexible and can be easily updated.
- With Dynasty, you can create a free trust in minutes at closing, saving thousands of dollars and the hassle of moving your home into a trust later.
Wills Require Probate, Trusts Don’t
When you create a will, your estate, including your home, must go through probate. This legal process can be lengthy (some take years!) and costly, involving court fees, attorney fees, and more. In contrast, placing your home in a trust allows it to bypass probate, ensuring a quicker, hassle-free transfer of ownership to your beneficiaries.
The Burden of Probate
For your family, dealing with probate can be overwhelming:
- Time-Consuming: Probate takes on average 18 months (but can take many years), delaying your family’s access to your home.
- Expensive: The costs of probate can amount to about 10% of your estate’s total value.
- Stressful: Navigating legal formalities and potential disputes can add stress during an already difficult time.
View this short video on why you want to avoid probate in passing your home to your family
Trusts Are Private
A trust allows for a more private and efficient transfer of your home. Trusts are not subject to probate, keeping your estate details confidential and protecting your beneficiaries from public scrutiny.
Creating an anonymous trust provides additional privacy, keeping your name off public records. This can be especially important if you want to safeguard your family’s privacy and security.
Living Trusts Are Flexible
Living trusts are highly flexible and can be amended at any time during your lifetime, allowing you to adapt to changes in your personal or financial situation without having to update your deed. Whether you need to add or remove beneficiaries, change trustees, or adjust the terms of asset distribution, a living trust provides the ability to make these modifications easily.
This flexibility ensures that your trust remains aligned with your current wishes and circumstances, offering peace of mind as your life evolves.
Why Create a Trust Now? This Is the Only Time It Will Ever Be Free
As you’re closing on your new home, now is the perfect time to set up a trust, and with Dynasty, it’s free. By creating a trust at closing, your home can be bought directly into the trust, eliminating the need for lawyer fees and county retitling fees (the process of retitling and transferring the deed to the trust after you close is not an easy DIY process). This approach not only saves you thousands of dollars in legal and administrative costs, but also ensures your home is set up to avoid probate from day one.
The Value of a Free Trust with Dynasty
With Dynasty, setting up a trust is quick and easy, taking just minutes. This service provides thousands of dollars in value by:
- Eliminating Lawyer Fees: No need to hire an attorney for setting up the trust.
- Avoiding Retitling Costs: Save on fees associated with transferring the home’s title and cost of engaging a lawyer to do so later.
- Bypassing Probate Fees: Protect your estate from the high costs of probate (both time and money).
Conclusion
For new homebuyers, placing your home in a trust at closing offers unparalleled advantages. It bypasses the lengthy and costly probate process, maintains your privacy, and saves you thousands of dollars. With Dynasty, you can set up your trust for free, securing your home and your family’s future right from the start.
If you have any questions or need assistance in setting up a trust, Dynasty is here to help you every step of the way. Take advantage of this unique opportunity to protect your new home and enjoy peace of mind.
