0
The most common reasons are to protect it from creditors, to protect it in a divorce proceeding, to protect it from inheritance by an undesirable heir, to protect it from the government and to avoid probate.
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoIf the trust is properly drafted the property can be removed from your estate entirely. A trust can make property out of reach to creditors, some taxes, probate and any individuals the trustor wants to be unable to access the property. However, the trust must be drafted by an expert in trust law. If the grantor retains any power over the trust property, it will be vulnerable to creditors and taxation. You need to consult with an attorney with a great reputation who is an expert in trust law. She/he can review your situation, your needs and explain your options.
Wiki User
∙ 10y agoYes providing it is done by the legal owner. You need to draw up a Deed of Trust and as these are legal documents and can be challenged at a later date you should have a solicitor draw this up.
Wiki User
∙ 7y agoTo protect unscrupulous people from trying to take ownership after the owner dies. Also a trust can be set up to where ownership is by several different people, like any heirs that you may leave property to.
Wiki User
∙ 9y agoPutting a house into a trust allows you to pass ownership to another as a gift. It allows for the avoidance of probate court and its cost.
Add your answer:
Earn +20 pts
Can a house be placed into a trust if it has a 2nd mortgage on it?
The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.
Can you put a house with a mortgage in a trust?
Yes. There are almost no obstacles if you still own and live in the house after.
Why does your dad put cameras all round the house?
Your dad would put cameras all round the house because he doesn't trust you. My sister stole the rent money from my parents to my dad doesn't trust me and my brother, don't be bad!!
When was House Full of No Trust created?
House Full of No Trust was created in 2005.
When was Church House Trust created?
Church House Trust was created in 1978.
What is required to leave a house in trust?
You have to have a trust (which can be set up in a will) and you have to identify what the trust is to be used for.
Why would my father's wife insist he put the house in a Trust fund?
If your father transfers his property to a trust that would get it out of his estate and out of reach of his heirs at his time of death. She may be seeking to disinherit your father's children.
What did the Wampanoags make their house out of?
don't trust a hoe never trust a hoe don't trust me......
What is the definition of house placed into a trust?
A property conveyed to a trust becomes trust property. It can only be conveyed by the trustee of the trust.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Can a corporation be put in trust?
no
Can a collector put a lien on your house in California?
Yes, but only after they sue you and win a judgment against you.
