Why own a home in a Revocable Living Trust? If you own real estate in your personal name at death, some form of probate in the state where the property is located will be required to transfer the property to your heirs or beneficiaries. In order to avoid or minimize probate (especially for individuals who own real estate or mineral interests in multiple states), clients sometimes include a Revocable Living Trust in their estate planning since assets in the trust pass outside of probate. If your estate plan includes a Revocable Living Trust (“RLT”), it is important to understand not only the terms of your trust but also the laws that govern the transfer of your real estate to the trust. Signing …
“Neither a borrower nor a lender be; For loan oft loses both itself and friend.” William Shakespeare As discussed in a recent article [1], Millennials are increasingly borrowing funds from mom and dad rather than a traditional bank – most commonly asking for help in making a down payment on a new home. Given the difficulty of making a home purchase in the present market and the significant expense involved, parents should seek legal advice regarding their options to best provide financial support to a child and ensure appropriate documentation is in place. Some important scenarios for parents to consider include the following: > What if the child later becomes unable to repay a loan? > What if the child becomes …