A common concern many clients express when considering placing their home into a trust is the perceived difficulty of selling the home later. This concern, while understandable, often stems from a misunderstanding of the process. At Law Offices of Laurie E. Ohall P.A., we’re here to clarify: selling a home held in a trust is not significantly more complicated than selling a home otherwise. Let’s debunk some myths and offer some insights:
The Process is Largely the Same
Whether your home is in a trust or not, the process for selling it remains largely the same. You’ll work with a real estate agent, list the property, accept an offer, and close the deal. The trust doesn’t change these fundamental steps.
Title Transfer and The Role of Trustee
When your home is in a trust, the title is held in the name of the trust. As the trustee, you have the power to manage the trust’s assets, which includes selling the property.
Example: If “John Doe, as Trustee of the John Doe Revocable Trust” is on the title, then John Doe has the authority to sell the property on behalf of the trust.
A Few Extra Papers
While the selling process is similar, there might be an extra document or two to sign. These documents confirm that you, as the trustee, have the authority to sell the property. This step is not overly complex and can be easily handled with the help of an attorney.
A Trust Doesn’t Change Market Conditions
Whether a home is in a trust or not doesn’t affect its market value or desirability. Market conditions, the state of the property, and the listing price are the primary factors that determine how quickly and for how much the home will sell.
Why Putting Your Home in a Trust is Beneficial
Placing your home in a trust has several benefits. It can help avoid probate, provide for seamless management of your assets if you become incapacitated, and can be an essential part of your estate planning strategy.
Why You Need a Tampa Trust Attorney
Understanding the ins and outs of trusts and real estate transactions can be complex. Working with an experienced Tampa trust attorney can provide the guidance and reassurance you need to navigate these processes effectively.
Getting Help
Don’t let misconceptions about selling a home from a trust prevent you from making the best decisions for your estate planning needs. Contact Law Offices of Laurie E. Ohall P.A. today at (813) 438-8503 to schedule a consultation. We’re here to guide you through every step of the process, ensuring your peace of mind and the protection of your legacy.