Many people mistakenly believe that estate plans and trusts only serve a purpose for those who are elderly and those who are rich. While these groups do often have trusts and estate plans in place, they are not the only ones, nor should they be.
While it is not always crucial to have a trust or estate plan, owning your first home can change this for you personally.
Who needs a trust?
Forbes takes a look at the recent spike in home buying and what that might mean for an estate plan. If you already have an estate plan, then this is the perfect time to do a review. Look back over your assets and beneficiaries and decide who you want to inherit the home.
If you do not have an estate plan yet, now is the perfect time to create one. It helps to have a trust in this situation, as well. While experts say you generally do not need a trust if your total assets are less than $150,000, owning a home will often put you well above that level.
The benefits of skipping probate
On top of that, placing your home in a trust will allow your beneficiary of choice to skip the probate process, which often takes a minimum of two years to complete. This serves as a costly time sink that often causes undue distress and strain for your loved ones, so it is best if you can help them avoid it entirely.
Consider speaking with legal aid if you wish to modify or create an estate plan. They can help you streamline the process and cover all of your concerns efficiently.